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In a significant move towards ensuring environmental sustainability and responsible resource management in Ghana's energy sector, Tullow and its Joint Venture (JV) Partners have officially signed an agreement to establish a decommissioning fund for the Jubilee Field.
This marks a pivotal moment in the management of the field, setting a precedent for future decommissioning efforts in the country. The fund, aimed at facilitating the safe shutdown and restoration of the field at the end of its production life, will receive contributions from the JV Partners in proportion to their stake in the project.
While the decommissioning process remains many years away, the process will involve dismantling and removing essential infrastructure, including the FPSO, seabed flowlines, manifolds, suction piles, and wellheads, in accordance with global standards and industry best practices.
At the signing ceremony, Deputy Managing Director of Tullow Ghana, Cynthia Lumor, emphasised the significance of collaboration and responsible stewardship in managing the decommissioning process.
"This 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. The field still has time left for its resources to be harnessed but beyond that, we consider today's ceremony very pivotal to the next stage of the field’s management. Tullow Ghana is committed to playing its part in meeting its contributions to the fund towards ensuring environmental sustainability of the field." - Cynthia Lumor, Deputy Managing Director of Tullow Ghana
In 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's role as trustee, emphasising its significance as a model for future decommissioning efforts in Ghana's energy sector. The minister reaffirmed his commitment to restoring affected lands and assets following the conclusion of the field's production cycle, underscoring the government's dedication to environmental preservation and sustainable development.