Tullow Oil to Commence Ghana Drilling Programme with Noble Venturer in May
Tullow Oil Plc has announced that its drilling programme in Ghana, in partnership with the Noble Venturer drillship, is set to begin in May 2025 with two new wells in the Jubilee field—one producer and one water injector. The production from these wells is expected to come onstream in the third quarter of 2025.
In its 2025 Outlook and Guidance Report, the oil giant highlighted the successful completion of its previous Jubilee drilling programme, which ended approximately six months ahead of schedule with no safety incidents recorded. The programme, which added five new wells (three producers and two water injectors), resulted in cost savings of over $88 million compared to the initial budget.
“Ghana continues to be the cornerstone of our operations. During the year, operational efficiency remained high, with average facility uptime across the FPSOs reaching 97%, and a combined average production rate of approximately 44.1 kbopd net. The completion of the Jubilee drilling programme was ahead of schedule, reinforcing our commitment to operational excellence,” the report stated.
Jubilee Field Production Performance
Gross oil production from the Jubilee field averaged approximately 87,000 barrels per day (kbopd), with net production at around 33,900 kbopd. However, Tullow acknowledged that production was impacted by challenges such as the performance of the J69 producer well, water injection inefficiencies, and increased water cut in certain wells.
To address these issues, the Jubilee FPSO is scheduled for planned maintenance in the first quarter of 2025. The company plans to implement key upgrades during this period to enhance power supply reliability and improve water injection consistency, thereby optimizing production performance.
CEO’s Strategic Focus for 2025
Tullow Oil Plc’s Chief Executive Officer, Richard Miller, emphasized that a key priority for the company in 2025 is refinancing upcoming debt maturities to strengthen its financial position.
“The process to further accelerate our deleveraging pathway continues with strong progress towards realizing the accretive cash sale of our Gabonese assets, which is expected to close around the middle of the year,” Miller stated.
Resolution of Ghana Tax Dispute
Tullow also confirmed that it successfully resolved its dispute with the Ghana Revenue Authority (GRA) regarding the Branch Profits Remittance Tax (BPRT) assessment. In January 2025, a ruling determined that Tullow Ghana was not liable to pay the $320 million BPRT assessment previously issued by the GRA, ensuring that the company will have no future tax exposure under its Petroleum Agreements.
This resolution, according to Tullow, reaffirms its confidence in the existing contractual framework governing its operations in Ghana and eliminates a significant financial risk from its business.
With its continued focus on operational efficiency, production optimization, and financial restructuring, Tullow remains committed to strengthening its position as a key player in Ghana’s oil and gas industry.
