Tullow Oil plc and its partners have signed a memorandum of understanding (MoU) with the Ghanaian government to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) production licenses.
These extensions cover the Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields located in the Tano Basin of the Gulf of Guinea. Under the agreement, the partners have committed to increasing gas supply from the fields to approximately 130 million standard cubic feet per day (MMscfd). The MoU also introduces a lower pricing structure for associated gas from Jubilee and outlines a reimbursement mechanism for gas sales.
The agreement includes approval for drilling up to 20 additional wells in the Jubilee field, potentially attracting up to $2 billion in investment over the lifetime of the licenses. Tullow and Kosmos Energy jointly announced the details in a statement on June 4.
The partners intend to submit an addendum to the Jubilee development plan for regulatory review and are awaiting parliamentary approval for the license extensions.
Tullow operates the Jubilee unit with a 38.98% stake, alongside Kosmos Energy (38.61%), Ghana National Petroleum Corporation (GNPC) with 19.69%, and PetroSA holding 2.72%. In the TEN project, Tullow serves as operator with a 54.84% interest, while Kosmos holds 20.38%, GNPC 20.95%, and PetroSA 3.82%.
source : www.ogj.com
