Ghana Petroleum Agreements extended

Tullow Oil plc (Tullow) is pleased to announce that the extension of its West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover the Jubilee and TEN fields in Ghana, have been ratified by the Ghanaian Parliament. 

Accordingly, these agreements have been extended to 31 December 2040. From 20 July 2036, Ghana National Petroleum Corporation’s (GNPC) share in the field will increase by a further 10% interest and the joint venture partners’ shares will decrease pro rata.

In addition, Tullow on behalf of itself and the Joint Venture (JV) Partnership has secured revised terms for the supply of gas from the Jubilee field to the end of the extended period at an escalating price of $2.50/mmbtu. Furthermore, a gas payment security mechanism and heads of terms for the potential supply of gas from the TEN fields has been agreed with the Government of Ghana.

Ian Perks, Chief Executive Officer, Tullow Oil Plc, commented:

“The ratification of these agreements secures our long-term operating position, providing a runway for responsible resource development and a stable investment environment alongside the payment security for gas. This is a significant milestone which underpins Tullow’s long-term commitment to Ghana and allows for continued investment in its principal Jubilee and TEN assets. It is a result of excellent collaboration between the joint venture partners, including GNPC, and the Government of Ghana.”