[ 2015-04-27 ]

Tullow: Production of first oil in 2016 achievable despite ruling on maritime dispute
Tullow Oil says production of first oil in the
Tweneboah-Enyera-Ntoumme (TEN) area by 2016 will
not be affected by the ruling of the International
Tribunal against drilling of new oil wells in the
disputed area.

According to the oil and gas exploration company,
the ten wells that it has already dug, or almost
completed works on, has the capacity to pour
fist commercial oil by the middle of next year.

Persons with knowledge about the TEN oil fields
say Tullow should be able to produce about 20,000
barrels of crude oil a day from the middle of
2016 with the existing wells, and possibly move it
up to about 80,000 barrels a day.

A document sighted by Joy Business indicates that
Tullow had planned to dig a total of 24 wells in
the oil-rich area to achieve its full potential.

However, a source close to the Jubilee partners
say, the new plan is to work on the remaining 14
oil wells after 2017.

The International Tribunal for the Law of the Sea
based in German City of Hamburg ruled on Saturday
that Ghana cannot drill new oil wells in the
disputed West Cape Three Point but said stopping
the country from current exploration activities
would have dire economic implications on the
country.

The Ivorians were demanding that Ghana suspends
ongoing oil exploration and exploitation
operations in the disputed area and refrain from
granting any new permit for such activities in the
area.

Cote d'Ivoire is laying claim to Ghana's
territorial waters at West Cape Three points
currently being operated by Tullow under the TEN
project.

Meanwhile, spokesperson for Tullow Oil Plc, George
Cazenove, has told the Bloomberg News that the
company now awaiting instructions from the
government regarding implementation of provisional
measures that have been ordered by the tribunal.

Source - Joy News

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