"Tullow, Partners set up \u2018Decommission Fund\u2019 for Jubilee Field"

" Tullow, Partners set up \u2018Decommission Fund\u2019 for Jubilee Field \r\n\r\nIn a significant move towards ensuring environmental sustainability and responsible resource management in Ghana\u2019s energy sector, Tullow Ghana, Unit Operator of the Jubilee field, along with its partners \u2013 Ghana National Petroleum Corporation, Kosmos Energy, Kosmos Energy Ghana Investment, PetroSA, and GNPC Explorco \u2013 has officially signed an agreement to establish a Decommissioning Trust Fund for the Greater Jubilee Field.\r\n\r\nThe establishment of this fund marks a pivotal moment in the management of the offshore field, setting a precedent for future decommissioning efforts in the country.\r\n\r\nThe fund, aimed at facilitating the safe shutdown and restoration of the field at the end of its production life, will receive contributions from the partners in proportion to their stake in the project.\r\n\r\nUsing the global standard for responsible oil production, the decommissioning process will involve dismantling and removing essential infrastructure, including FPSOs, seabed flowlines, manifolds, suction piles, and wellheads, in accordance with industry best practices.\r\n\r\nThe initiative aligns with the requirements outlined in the Jubilee Field Unitization and Unit Operating Agreement (UUOA), which advocates for compliance with international standards similar to those observed in regions such as the North Sea and Gulf of Mexico.\r\n\r\nAccording to the Petroleum Agreements signed with the Jubilee partners, the decommissioning fund is expected to be set up when 50% of the field\u2019s resources have been depleted. A negotiation team, comprising representatives from all Jubilee partners, relevant ministries, regulatory bodies, and legal experts, was convened to finalize the terms of the agreement.\r\n\r\nThe Bank of Ghana was designated as the trustee of the fund, with responsibility for safeguarding assets held within the fund and guaranteeing availability when needed for decommissioning obligations in the Jubilee field.\r\n\r\nAt the signing ceremony, Deputy Managing Director of Tullow Ghana, Cynthia Lumor, emphasized the significance of collaboration and responsible stewardship in managing the decommissioning process.\r\n\r\n\u201cThis is evidence of great collaboration in action over the last few years. As a responsible operator and partner, the decommissioning process is something we take very seriously as part of our licence to operate.\r\n\r\nThe field still has time left for its resources to be harnessed but beyond that, we consider today\u2019s ceremony very pivotal to the next stage of the field\u2019s management. Tullow Ghana is committed to meeting its obligations to the fund in order to ensure environmental sustainability of the field.\u201d\r\n\r\nIn his remarks, Energy Minister Dr. Matthew Opoku Prempeh hailed the establishment of the fund as a triumph of determination and tenacity. He praised the Bank of Ghana\u2019s role as trustee, emphasizing its significance as a model for future decommissioning efforts in Ghana\u2019s energy sector.\r\n\r\nThe minister reaffirmed his commitment to restoring affected lands and assets following the conclusion of the field\u2019s production cycle, underscoring the government\u2019s dedication to environmental preservation and sustainable development"

"Tullow, Partners set up \u2018Decommission Fund\u2019 for Jubilee Field"

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