GhanaReview International - The Leading Ghanaian News Agency
London New York Accra
GRi Latest News
Friday 29 March 2024

2021-03-16

[I] UK defends Oxford Covid vaccine over fears of blood clots
[N] COVID-19: Continue using AstraZeneca vaccine – WHO
[S] Preko: Expect a very competitive 2nd round
[S] Clubs owe coaches five months’ salary
[S] Legon Cities: Asamoah Gyan investment has yielded good returns
[B] Pursue demands through negotiation, arbitration – Telcos told
[A] Tension in Dixcove following beating of chief to pulp
[B] Don’t approve new fuel levies – COPEC to MPs
[B] There’s no justification for newly proposed petroleum taxes – Wereko-Brobby
[A] Apam: Burial service for drowned teens to be held today
[N] Publisher, Badu Nkansah, apologises for ‘offensive Ewe’ textbooks
[N] Parliament’s Volta Caucus condemns ethnocentric publication in history book
[N] Ghanaians to pay tax for Covid-19 ‘free water’ enjoyed to fill economic gap

2021-03-15

[N] NaCCA orders withdrawal of unapproved textbooks
[B] Ghana prepares to issue $5 billion Eurobond
[N] Brain tumor patient appeals for GH¢ 30,000.00 for surgery
[N] AIMS Forum to mark International Mathematics Day
[N] Tema Sewer System: Ambitious project to address predicament
[N] A 21-year-old man stabbed to death at Effia
[N] Estate developers laud government’s decision to aid rent advance payments
[N] Let’s prioritize STEM; It’s the new niche for education policy – Ntim Fordjour
[N] 12 new deaths push toll 679; active cases now 3,994
[N] Over 400,000 Ghanaians vaccinated so far – Oppong Nkrumah
[N] Prof Allotey’s 9 Aug birthday must be made National Maths Day – Prince Armah
[N] Telecom workers to embark on strike from today
[N] NDC won the 2020 election hands down – Hannah Bissiw claims
[B] There’ll be ‘bitter hardship’ for Ghanaians because of 2021 budget – Forson
[N] Asiedu Nketia should be NDC running mate for NDC victory 2024 – Atubiga
[N] Rawlings kept over 20 wild dogs at his Ridge Residence alone – Hannah Bissiw

2021-03-14

[A] Kinaata’s Things Fall Apart can’t be called a gospel song
[S] Boxing legend ‘Marvellous’ Marvin Hagler dies aged 66
[B] 2021 budget designed to lift Ghana out of challenges imposed by COVID – Alan
[B] I’ll support Agyapa deal 2,000% – MP Egyapa Mercer
[S] What I’m seeing in training is massive–Mubarak Wakaso
[B] Notorious Wa thieves transporting pregnant goats involved in accident
[N] NEWSPut ‘petty politics’ aside and support Akufo-Addo, Bawumia
[B] Ghana risks losing €258m earmarked for the 2nd phase of Kejetia market
[S] Tribute: Henry Atta Ameyaw paid his dues to Hearts of Oak
[S] Why Wilfried Zaha has decided against taking the knee in Premier League games
[S] GFA fix new date for start of second round
... 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 - 2021