Tullow Oil is making a power move in Ghana’s energy sector, launching an aggressive new drilling campaign set to begin in May. With billions already pumped into the Jubilee and TEN fields, the company isn’t slowing down—this latest initiative signals its unwavering commitment to maximizing Ghana’s offshore potential
Tullow Oil Plc is set to launch a new drilling initiative in Ghana this May 2025, in partnership with the Noble Venturer drillship. The company will drill two wells in the Jubilee field—one for production and another for water injection—with production expected to begin in Q3 2025
Tullow Oil Plc is set to initiate a fresh drilling initiative in Ghana starting in May 2025. This is in collaboration with the Noble Venturer drillship.
The company says it plans to drill a pair of wells in the Jubilee field, one designated for production and the other for water injection, with the expectation that these wells will begin oil production by the third quarter of 2025.
In its 2025 Outlook and Guidance Report, Tullow highlighted the success of its previous Jubilee drilling programme, which finished roughly six months ahead of schedule and without any safety incidents. That earlier phase saw the addition of five wells, three producers, and two water injectors and delivered cost savings of over $88 million compared to the original budget.
The report stressed that Ghana remains a central pillar of Tullow’s operations, citing high operational efficiency with FPSOs achieving an average uptime of 97% and a combined net production rate of approximately 44.1 kbopd. The early completion of the previous drilling programme underscores the company’s commitment to operational excellence.
Recent production figures from the Jubilee field indicate an average gross output of about 87,000 barrels per day, with net production around 33,900 barrels per day. However, Tullow noted that challenges, such as suboptimal performance from the J69 producer well, inconsistent water injection, and increased water cut in certain wells, have affected overall production.
To address these issues, the Jubilee FPSO is scheduled for planned maintenance in the first quarter of 2025, during which key upgrades will be implemented to enhance power supply reliability and water injection efficiency.
On the financial side, CEO Richard Miller outlined a strategic focus for 2025 that includes refinancing upcoming debt maturities to strengthen the company’s financial position. Miller also mentioned that progress is being made on the cash sale of Tullow’s Gabonese assets, a move aimed at accelerating the company’s deleveraging efforts, with the transaction expected to close around mid-year.
Additionally, Tullow confirmed that it has successfully resolved its dispute with the Ghana Revenue Authority over a $320 million Branch Profits Remittance Tax assessment. A ruling in January 2025 determined that Tullow Ghana is not liable for the tax, eliminating future tax exposure under its Petroleum Agreements and reinforcing the company’s confidence in its operational framework in Ghana.
Through a focused approach on operational efficiency, production optimization, and financial restructuring, Tullow Oil Plc is positioning itself to solidify its role as a key player in Ghana’s oil and gas industry.
Last Updated on March 26, 2025 by samboad
