By Solace AMANKWA
Tullow Oil, one of Europe's largest independent oil exploration and production companies, has upgraded its estimate of reserves at its Tweneboa field in Ghana by 60%.
The field, according to Tullow, could prove to be much bigger with the tendency to be upgraded further.
According to the company, the successful drilling in the past year showed potential resources of 4.5 billion barrels across all its prospects and fields in Ghana.
BusinessWeek gathered that the company plans to develop the Jubilee field well gradually, starting at a rate of about 60,000 barrels a day, at which point the cash will start to flow, helping to finance future investment to raise production between 250,000 to 300,000 barrels per day.
It had also agreed on a framework deal to bring in China National Offshore Oil Corporation (CNOOC) and French oil company, Total, as equal partners in its Ugandan assets, which would involve Tullow selling more of its share than earlier planned.
Exploration director Angus McCoss said the field could be as big as the nearby Jubilee field, which has proven plus probable reserves of 1.2 billion barrels. Jubilee remained on budget and was on track for start-up in the fourth quarter of this year.
Tullow said it expected the Ugandan government to approve its plan to partner with Total and CNOOC in the next few weeks.
Ghana discovered crude oil in commercial quantities in 2007 at the West Cape Three Points in the Western Region with an initial estimation of 600 million barrels. Since then, more oil has been discovered increasing the quantity to about two billion barrels.
The country is however set to become one of Africa’s newest oil exporters in late 2010 when production begins at the Jubilee field.
Tullow Oil, one of Europe's largest independent oil exploration and production companies, has upgraded its estimate of reserves at its Tweneboa field in Ghana by 60%.
The field, according to Tullow, could prove to be much bigger with the tendency to be upgraded further.
According to the company, the successful drilling in the past year showed potential resources of 4.5 billion barrels across all its prospects and fields in Ghana.
BusinessWeek gathered that the company plans to develop the Jubilee field well gradually, starting at a rate of about 60,000 barrels a day, at which point the cash will start to flow, helping to finance future investment to raise production between 250,000 to 300,000 barrels per day.
It had also agreed on a framework deal to bring in China National Offshore Oil Corporation (CNOOC) and French oil company, Total, as equal partners in its Ugandan assets, which would involve Tullow selling more of its share than earlier planned.
Exploration director Angus McCoss said the field could be as big as the nearby Jubilee field, which has proven plus probable reserves of 1.2 billion barrels. Jubilee remained on budget and was on track for start-up in the fourth quarter of this year.
Tullow said it expected the Ugandan government to approve its plan to partner with Total and CNOOC in the next few weeks.
Ghana discovered crude oil in commercial quantities in 2007 at the West Cape Three Points in the Western Region with an initial estimation of 600 million barrels. Since then, more oil has been discovered increasing the quantity to about two billion barrels.
The country is however set to become one of Africa’s newest oil exporters in late 2010 when production begins at the Jubilee field.
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