Business News Mon, 27 May 2019

Tullow Ghana plans $250m investment in 2019

Tullow Ghana Limited (TGL) plans to pump in investments worth $250 million in its operations in 2019.

The planned investment is in line with the vision of the parent company, Tullow Oil plc, to scale up its investments within Africa.

Managing Director of Tullow Ghana Limited, Mr Kweku Awotwi, announced this at an interaction with journalists in Accra on May 23.

He explained that the planned investments would be used to support drilling and production activities in Ghana as it expressed the hope to harness new opportunities available in the upstream oil sector.

He said across the Jubilee and Tweneboa Enyera and Ntomme (TEN) fields, the company aimed to have five new wells online by early 2019, increasing production in both facilities in 2019.

Also, further wells would be drilled to sustain and maximise plateau production.

Shared prosperity

Mr Awotwi, who is also the Executive Vice President of Tullow Oil plc, also explained that Tullow's commitment to creating shared prosperity remained a key driver to Ghana’s operations.

It does this by optimising local content and building supplier capacity, building local skills and developing people; and making focused socio-economic investments that also enhances local economies.

In Ghana, the shared prosperity approach focuses on the additional value that can be delivered using and developing the nation's capacity to participate in the oil and gas value chain.

In terms of local content, he noted that the goal of the company's strategy was to build local capacity and develop successful suppliers who could deliver a wide range of goods, services and skills to international standards.

Ghana is key

The Chief Executive Officer of Tullow Oil plc, Mr Paul McDade, said the global company was very bullish in Ghana and it would continue to use its existing infrastructure to harness opportunities.

Tullow Oil, he explained, was also keen to explore further in Ghana both around its current assets and in new licenses via Ghana's inaugural Licensing Bid Round.

“We are keen to grow our business in Ghana and look forward to higher production and increased resources at Jubilee and TEN and the results of the ongoing Licensing Bid Round,” he said.

Source: Graphic.com.gh