…First oil confirmed for December
By Kofi AHOVI
Tullow Oil Plc, the majority stakeholder in the Jubilee field, plans to list on the Ghana Stock Exchange (GSE) by the end of this year, BusinessWeek has gathered.
The decision to list on the Ghanaian bourse would play a significant role in the development of the country’s oil industry.
Additional information gathered indicates that the company may also list on Uganda Stock Exchange.
If the listing of Tullow is successful, it will mean that Ghanaians would have the opportunity to own shares not only in the operations of Tullow Ghana but also operations of Tullow worldwide.
It is however unclear what percentage of the company’s shares would be listed on the bourse.
The Communications Manager for Tullow Oil Ghana, Gayheart Edem-Mensah, who confirmed this, said this is yet to be established, but the move had been under consideration since early last year but is at its early stages.
According to him, the move is to offer Ghanaians the opportunity to share in the company’s operational success in the country so far.
“It is also to demonstrate the company’s commitment towards the sustainable development of the emerging oil industry,” he added.
“Tullow Oil is determined to contribute to the development of the oil industry in Ghana, especially since it is an emerging industry,” Edem-Mensah said.
He stressed that Tullow has a long term commitment to countries within which it operates, and this explains why the company will want to offer Ghanaians the opportunity to participate in its share offering.
In a related development, Tullow Oil PLC's (TLW.LN) Jubilee field in Ghana is on target to produce its first oil in the fourth quarter this year, with the first cargo expected as early as December, Robin Sutherland, a senior executive has confirmed.
"First oil is on schedule for the fourth quarter, so discovery to first oil in 40 months," Robin Sutherland stated.
"We feel it is a common mistake that oil companies make in neglecting their exploration roots," said Sutherland, adding, "We have no intention in doing this, and 80% of our 2010 capital will be spent in Africa."
He said the company is on target for the Floating Production Storage and Offloading vessel to sail in May, and has already started well-completion activities.
Sutherland said the first stage development cost of the Jubilee field had remained within the original $3.1 billion budget.
The field's output is expected to ramp-up to 120,000 barrels a day within six months of first oil produced.
Tullow has developed its own transport assets, including helicopters and fixed-wing aircraft in order to access the site, Sutherland said.
Tullow is also in the process of developing oil fields in Uganda's Lake Albert basin and is in talks over licenses in two oil blocks on the Congolese side of the lake.
By Kofi AHOVI
Tullow Oil Plc, the majority stakeholder in the Jubilee field, plans to list on the Ghana Stock Exchange (GSE) by the end of this year, BusinessWeek has gathered.
The decision to list on the Ghanaian bourse would play a significant role in the development of the country’s oil industry.
Additional information gathered indicates that the company may also list on Uganda Stock Exchange.
If the listing of Tullow is successful, it will mean that Ghanaians would have the opportunity to own shares not only in the operations of Tullow Ghana but also operations of Tullow worldwide.
It is however unclear what percentage of the company’s shares would be listed on the bourse.
The Communications Manager for Tullow Oil Ghana, Gayheart Edem-Mensah, who confirmed this, said this is yet to be established, but the move had been under consideration since early last year but is at its early stages.
According to him, the move is to offer Ghanaians the opportunity to share in the company’s operational success in the country so far.
“It is also to demonstrate the company’s commitment towards the sustainable development of the emerging oil industry,” he added.
“Tullow Oil is determined to contribute to the development of the oil industry in Ghana, especially since it is an emerging industry,” Edem-Mensah said.
He stressed that Tullow has a long term commitment to countries within which it operates, and this explains why the company will want to offer Ghanaians the opportunity to participate in its share offering.
In a related development, Tullow Oil PLC's (TLW.LN) Jubilee field in Ghana is on target to produce its first oil in the fourth quarter this year, with the first cargo expected as early as December, Robin Sutherland, a senior executive has confirmed.
"First oil is on schedule for the fourth quarter, so discovery to first oil in 40 months," Robin Sutherland stated.
"We feel it is a common mistake that oil companies make in neglecting their exploration roots," said Sutherland, adding, "We have no intention in doing this, and 80% of our 2010 capital will be spent in Africa."
He said the company is on target for the Floating Production Storage and Offloading vessel to sail in May, and has already started well-completion activities.
Sutherland said the first stage development cost of the Jubilee field had remained within the original $3.1 billion budget.
The field's output is expected to ramp-up to 120,000 barrels a day within six months of first oil produced.
Tullow has developed its own transport assets, including helicopters and fixed-wing aircraft in order to access the site, Sutherland said.
Tullow is also in the process of developing oil fields in Uganda's Lake Albert basin and is in talks over licenses in two oil blocks on the Congolese side of the lake.
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