GhanaReview International - The Leading Ghanaian News Agency
London New York Accra
GRi Latest News
Sunday 19 November 2017

2017-11-14

[N] E/R: Driver, 19, Jailed 8 Years For Kidnapping And Defiling Girl, 13
[N] Special Prosecutor could wait till 2019 if parliament misses 2017 passage
[N] Petroleum Revenue Mgt. Act breached for 7-yrs running – PIAC
[N] CEDTAG Strike action leaves colleges of education deserted
[N] Nduom is not presidential material -Maurice Ampaw
[N] Police blame Kasoa violent attacks on under-staffing

2017-11-10

[N] GMA indicts gov't for failing to employ medical doctors
[N] Ministers are not allowed to use sirens; Police order immediate removal
[N] Stay focused and deal with your controversies – Nana Addo to Zoomlion Boss
[N] We will face criminals boot for boots with ‘Father Xmas’ Operation -Ken Yeboah
[N] Step aside – Group to NDC Chairmen
[N] School Feeding Coordinators Trade Insults Over Naabu & Otiko
[N] Major Mahama bill passed

2017-11-09

[N] Free SHS: Ablakwa Donates Furniture to Schools
[N] Girls with excessive make ups may have ovary tumour – doctor
[N] Visitors pay GHc2 to see prisoners
[N] Consider our request to contest 2020 polls -NDC Chairmen to Mahama
[N] Colleges of Education still closed as talks over arrears fail
[N] Economic policies paying off - Prez
[N] Cancer disfigures head of 2-year old, sticks mother with ˘12,000 bill
[N] There is corruption in police service- COP Ken Yeboah
[N] 3 arrested in Kumasi for robbing, raping victims

2017-11-08

[N] Help Gov’t to achieve its revenue targets -Nana Addo to GHAPOHA
[N] NPA to close down 35 more high-risk LPG stations nationwide
[N] Uber adds Paid Wait Time; additional features for driver-partners
[N] ‘Bawumia is only confident, he knows nothing’- Minority
[N] A/R: Queen mothers grateful to 1st lady for KATH mother & baby unit
[N] If our bond was issued at 20% it would have been oversubscribed- Kwarteng hits b
[N] Tiger Eye F’dation Partners Klarity To Fight Corruption
[N] AG’s application against Indian businessman dismissed again

2017-11-07

[N] Bawumia behaving like a ‘heartless’ serial caller – Ofosu Kwakye
[B] 2018 budget to improve domestic revenue collection
[N] 24,377 cattle, 225 owners registered in Kwahu
[N] New agency inaugurated to boost revenue collection in oil and gas sector
[B] New Drivers’ License to be launched today
[N] Tell the true African stories through your writings – Nana Addo to PAWA
[B] Investor uncertainty, others impacted energy bond  

2017-11-06

[N] Sack Freddie Blay for defending Ayisi Boateng – Alhaji Sani
[B] Energy bond unsuccessful after two tries

2017-11-05

[N] 'We won't compromise on admission malpractices' - UCC & its affiliates
... go Back
 
Business

[ 2017-05-23 ]

MD,Tullow Ghana Limited, Mr Charles Darku

Tullow eyes new fields beyond Jubilee & TEN
Oil exploration company, Tullow is seeking to
invest in new exploration opportunities in the
country, aside its two major projects, Jubilee and
Tweneboa- Enyera- Ntomme (TEN) fields.

The new opportunities are expected to add new oil
reserves that will extend the production life of
the company in Ghana.

The Managing Director of Tullow Ghana Limited, Mr
Charles Darku told investors in Accra that a
significant resource base underpinned future
production, hence the decision by the company to
roll back some investments into new exploration
activities.

“We are looking to roll back some investments into
exploration. We are looking at two areas with
respect to that. One of them is to look for
additional reserves within our block.”

“We are working with the government to get the
necessary license to do some more exploration in
our own block and we are also looking at
opportunities in neighbouring countries,” he said.


Mr Darku explained that discussions with the
government for the year would be focused on this.


“A big part of what we will be doing and
discussing with the government this year will be
on additional new explorations, additional
investments and of course growing our business,”
he said.

No dividend

The oil company, for the third time, did not pay
dividend to its shareholders. The shareholders,
who were visibly unhappy with the decision by the
company, did not mince words in pouring out their
displeasure at the forum.

The Group CEO of Tullow Oil, Mr Paul McDade,
however, explained that the board assesses the
dividend policy every year and determines whether
it was appropriate to continue paying or not.

He said while noting the concerns of shareholders,
the board would meet at the end of 2017 to look at
the issue of paying dividends.

“The board will assess the performance of the
company at the end of 2017 and decide what to be
paid if any dividend is to be paid,” he said.

The Chairman of Tullow Ghana, Mr Ike Duker said
the non-payment of dividend was occasioned by the
volatility of oil prices and its impact on
operations of players in the industry.

Tullow, he said, was looking at how the industry
would recover and oil prices pick up so it can
reinstate the payment of dividends.

TEN on stream

First oil from the Tweneboa- Enyera- Ntomme (TEN)
field - Tullow’s second major project in Ghana -
was delivered in August last year on time and
within budget.

Mr Darku said bringing TEN on stream continued to
build high-margin,which is long life cash flow for
the company in Ghana.

The company is projecting that the TEN field would
end the year with an average gross production
forecast of 50,000 barrels of oil per day (bopd),
lower than its plateau production rate of 80,000
bodp.

He said while the maritime dispute had placed a
ban on drilling of new wells, the company was
preparing itself to recommence drilling in 2018,
pending the ITLOS boundary decision later this
year.

“TEN is in the area where we have the maritime
dispute with Cote d Ivorie. It is a dispute
between two governments. As a result of that and
the moratorium that has been placed on drilling,
we have not been able to drill new wells since
production started. We are looking at resuming
drilling as soon as ruling is given, hopefully in
Ghana’s favour,” he said.

Jubilee Field production

Temporary measures put in by the company to
address the challenge with the turret bearing on
the Floating Production Storage Production (FPSO)
vessel, Kwame Nkrumah, is aiding oil production to
progress smoothly.

Mr Darku said aside the planned outage later this
year, which was expected to affect production, the
capacity of the Jubilee Field FPSO had not been
impacted by the turret bearing challenge.

“On Tuesday (May 17), we produced 100,000 barrels
of oil, the capacity is still the same and
production itself would not be impacted. We will
end the year with the 68,000 barrels per day,” he
said.

Source - graphiconline.com.gh



... go Back

 
Add YOUR View here

Ghana Review International (GRi) is published by Micromedia Consultants Ltd. T/A MCL - a wholly Ghanaian owned news agency. GRi is an independent publication and is non-aligned to any political party or interest group, within or outside of Ghana. It is a reliable source of information for Ghanaians and non-Ghanaians alike. This magazine will be of interest to any person with an interest in Ghana, Ghanaians and Africans, wherever in the world they live. This website is the on-line arm of the publication. It contains news and reviews on Ghana and the international communities.

All pages are © Copyright Ghana Review International (GRi) 1994 - 2016