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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