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Business News Wed, 23 Jan 2019

Tullow Ghana hopeful of securing 5 oil blocks based on impressive record

Tullow Ghana is hopeful of acquiring five new oil blocks in the bidding process. Managing Director of Tullow, Kweku Awotwi noted the company was one of the international companies which put in a bid for the blocks and believes with their track record of producing oil the fastest, wealth of experience and technology at hand, they stand tall to win.

Tullow is one of sixteen companies from sixty applications bidding for five blocks (Blocks 2, 3, 4, 5 and 6) – three blocks on tender and two for direct negotiation. The first block (Block 1) being reserved for GNPC.

The Licensing Round Bid Evaluation and Negotiation (LRBEN) Committee sent out invitations for expression of interest and pre-qualification in October 2018 with Tullow and other prospective bidders submitting their applications by December 20, 2018.

President Akufo-Addo opened the blocks up for competitive tendering on October 15 in what Energy Minister; John Peter Amewu stated was a move to depart from the past and open up the process for transparency and ensure companies with the requisite financial and technical expertise explore Ghana’s Oil and Gas resource for mutual benefit.

Companies awaiting to know their fate in August 2019 include Aker Energy, Kosmos Energy, ExxonMobil, British Petroleum, Total, ENI Ghana and Vitol.

Meanwhile the Energy Ministry is to announce pre-qualified applicants and issue a publication of invitation on January 21, 2019 with the deadline for the submission of bids being May 21, 2019.

Tullow and its partners drilled two successful exploration wells in 2007. The wells discovered the major Jubilee oil field in the Gulf of Guinea’s Tano Basin spanning the Deepwater Tano and West Cape Three Points.

In October 2008, Tullow was appointed as the Jubilee field Operator and set about working with the partners and Government of Ghana on developing the field to bring Ghana its first major oil production.

Tullow’s second major discoveries and subsequent development in Ghana is the TEN Field. In May 2013, the Plan of Development for TEN was approved by the government of Ghana and Tullow commenced its second major Operated Deepwater Development. First oil was achieved on time and on budget in August 2016, three years after the Plan of Development was approved by the Government of Ghana.
Source: goldstreetbusiness.com
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