Business News of Sat, 18 Aug 201814
Tullow Ghana invests over $15 billion in economy
Tullow Ghana Limited (TGL) has underscored its readiness to help accelerate Ghana’s socio-economic development.
The oil company has over the decade invested $15.6 billion in Ghana’s economy over the decade comprising $2.5 billion in exploration and appraisal, and $ 13.1 billion in development and production.
TGL’s Director of External Affairs, Social Performance and Local Content, Cynthia Lumor said this at a news conference in Accra.
She indicated that, the Jubilee and TEN oil fields alone contribute 6% of the country’s total Gross Domestic Product (GDP), while it has spent a sum of US$14.28 billion on contracts awarded to both international and local companies.
Cynthia Lumor noted that, they are keen to explore additional exploration opportunities and given its experience operating in Ghana for more than a decade.
She stated that, the International Tribunal for the Law of the Sea’s (ITLOS) ruling on Ghana and Cote d’Ivoire territorial waters last year has boosted their confidence to focus on the full development of the Jubilee Field.
The TGL’s Director of External Affairs, Social Performance and Local Content added that, the oil company will continue to provide support to the communities in the region, so they have their fair share of the natural resource.
Cynthia Lumor said they hope to collaborate with key stakeholders like you to ensure optimal growth of the oil and gas industry in Ghana.