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This was captured in an operational update to investors on July 17, 2023.

According to Tullow Oil, this was after the recent start-up of the Jubilee South East (JSE) project well was brought on stream. 

Tullow maintained that JSE Wells is performing in line with expectations and increase production rates by 50% compared to the first half of 2023.

“Two further wells are on track to be tied in during the remainder of the year”, Tullow added in the investor update.

Group CEO on Tullow Oil milestone

According to the Group Chief Executive of Tullow Oil, PLC Rahur Dhir, reaching production of over 100,000 Barrels per day from the Jubilee Field is a major milestone for Tullow, their partners and Ghana.

He added that “I look forward to working with our partners to sustain these higher levels of production for several years and to realise the full potential of the Jubilee resource base”.

Mr. Dhir added that the delivery of this step in production is a key part of its business plan in line with its commitment to deliver over $800 million free cash flow between 2023 and 2025.

Jubilee South East Project

The Jubilee South East Project is a joint venture partnership between Kosmos Energy, Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings.

According to Tullow, together with its partners, they are planning to maintain this increased level of production at Jubilee over the next few years through an ongoing infill drilling programme.

The partnership has identified multiple future drilling locations and is focused on high-grading these opportunities to further extend the plateau and realise the full potential of the significant Jubilee resource base.

Tullow Ghana Limited, alongside its joint venture partners, Kosmos Energy, Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings, has announced the successful start-up of the Jubilee South East (JSE) Project, offshore Ghana.

The first JSE production well has been brought on stream and a further two producers and one water injector are expected on stream this year to help sustain gross Jubilee production over 100,000 barrels per day.

Tullow and its partners plan to maintain this increased level of production at Jubilee over the next few years through an ongoing infill drilling programme.

Impact of JSE project

The move to help in turning around the fortunes of Tullow Oil in terms of revenue and profits for the coming year.

Projection on the field had declined in recent times due to some technical challenges.

However, this development analysts say marks a turning point for the oil exploration firm in terms of production. The move could also impact on the taxes paid by Tullow to the Government of Ghana.

Tullow Oil recently announced that TEN plan of development is being finalised. This was after what it described as good engagement with the Government of Ghana.

It also disclosed that production efficiency across the TEN and Jubilee FPSO has been high, averaging  97% uptime in the first half of 2023.

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The company, in a statement, said it had contracted a high-specification seventh-generation drillship called the Maersk Venture to drill four wells in 2021.

“As previously announced, the Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total in 2021, consisting of two Jubilee production wells, one Jubilee water injector well and one TEN gas injector well,” Tullow said in a press release.

“The 2021 drilling campaign is the first part of Tullow’s 10-year Business Plan which was presented at Tullow’s Capital Markets Day in November 2020. The Ghana portfolio has a large resource base with extensive infrastructure already in place.

“Through a rigorous focus on costs and capital discipline, Tullow believes that these assets have the potential to generate material cash flow over the next decade and deliver significant value for Ghana and investors,” it said.

The Chief Executive Officer of Tullow, Rahul Dhir, assured that Tullow will work closely with the government and its other partners to unlock the full potential of the Jubilee and TEN fields.

“Today is an important milestone in the implementation of our long-term Business Plan. Working closely with the Government of Ghana and our joint venture partners in Ghana.

” I am confident that we will unlock the full potential from the Jubilee and TEN fields through this multi-year, multi-well drilling programme,” he said.

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The release added that throughout the campaign: “Tullow will continue to implement its Shared Prosperity strategy through a strong local content programme with suppliers in Ghana, the professional and technical development of Ghanaian nationals and continued investment in STEM education, enterprise development and shared infrastructure.”