The first oil will be produced from Ghana's Jubilee field in November or December and output will reach 120,000 barrels a day within six months, field operator Tullow Oil PLC (TLW.LN) said Thursday.
The first oil will be produced from Ghana's Jubilee field in November or
December and output will reach 120,000 barrels a day within six months, field
operator Tullow Oil PLC (TLW.LN) said Thursday.
The startup of the Jubilee field will be a big event for both Tullow, which
will become a significant oil producer, and
Ghana
,
which will see a major boost to its government finances from the project.
The Jubilee project has cost $3.15 billion to date, compared with the original
budget of $3.1 billion, Tullow said in a presentation to analysts posted on its
website.
The total reserve potential of Jubilee is 1.5 billion barrels of oil
equivalent, a slight decrease from the previous figure of 1.8 billion. The
highest reserves estimate for Tullow's nearby Tweneboa field is unchanged at
1.4 billion barrels of oil equivalent, Tullow said.
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