Tullow’s shareholders double

Tullow Oil Plc has indicated that the number of shareholders has doubled from about 10,000 to about 20,000 since its listing on the Ghana Stock Exchange (GES) two years ago.

Chris Perry, Head of Investor Relations & Communications, who disclosed this to journalists and stockbrokers in Accra Thursday, when the oil giant appeared at the GSE ‘facts behind its figures’ programme, said the company generated about $1.3 billion in the first half of this year and recorded a profit growth of about 13 percent.

Also, he noted that 40 percent of Tullow’s global oil production comes from Ghana, adding that its operation in Ghana was generating about 50 percent of its group’s cash flow. The production of oil in the TEN project is expected to begin in middle part of 2016, he indicated.

“We have gotten planning and development approval. We are awarding the contracts as we speak and we are on track to first oil in middle of 2016. So everything in Ghana is going on extremely well.” Chris further explained that the oil giant would drill a new well to re-inject gas to the jubilee fields.

So far, Tullow has drilled three wells for re-injection of gas into the oilfield and this has mainly been occasioned by the inability of the Ghana Gas Company to complete the gas infrastructure project at Atuabo. Charles Darku, General Manager of Tullow Oil Ghana, said the drilling will not cause any hiccups in the company’s finances.

Noting that re-injection should probably start this week, he said: “We are expecting that we do not drill additional wells as well because once we get export of gas from the FPSO to shore, then we don’t need to re-inject.”