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The Jubilee field will be developed via a Floating, Production, Storage and Offtake vessel (FPSO) and will deliver a plateau oil rate of 120,000 bopd, water injection capacity of 230,000 bwpd and gas export and injection capacity of up to 160 mmscfd. Work on the FPSO and subsea facilities was initiated in July 2008 and is on track to deliver first oil in the second half of 2010.
The Unitisation Agreement has determined the partners' initial equity interests in the Jubilee field and provides for modification of these interests as further field data becomes available. Tullow's initial equity interest in the Jubilee Unit Area, which Tullow will operate, is 34.70%. Other partner interests are Kosmos Energy (23.49%), Anadarko Petroleum (23.49%), Sabre Oil & Gas (2.81%), EO Group (1.75%) and the Ghana National Petroleum Corporation (GNPC) (13.75% of which 10% is carried interest).
Commenting today, Paul McDade, Chief Operating Officer, said:
"Receiving formal approval from the Government of Ghana is an important milestone for the Jubilee Phase 1 development and supports our decision to fast-track the project early in 2008. By securing rig capacity and commencing the construction and drilling phases in advance, Tullow is confident that it will deliver first oil from this deepwater project just over three years since the first discovery well was drilled."
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Notes to editors
Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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