We’re ready to pump $4bn into Ghana’s oil and gas industry – Tullow
Tullow Oil Plc has said the company is now positioned to invest US$4 billion into the country’s oil and gas industry over a 10 year-period through the Ghana Value Maximisation Plan.
The Chief Executive Officer (CEO) of the multinational oil and gas exploration company, Rahul Dhir, said this when he paid a courtesy call on the Vice-President, Dr Mahamudu Bawumia, on Monday, September 27 at the Jubilee House in Accra.
He was in the company of the Senior Leadership Team (SLT) of Tullow Oil Plc, as part of the company’s week-long visit in the country.
The delegation included Chief Finance Officer Les Wood, Managing Director for Ghana, Wissam Al Monthiry, General Counsel Mike Walsh and Director, People and Sustainability Julia Ross.
Providing an update on the investment plan, Mr Dhir said, “the company, following its refinancing programme in May 2021, is now in a strong position to execute the Ghana Value Maximisation plan.”
Under the plan, Tullow and its partners would invest the US$4 billion to maximise value from the Jubilee and Tweneboa Enyenra Ntomme (TEN) assets and deliver consistent revenue to the government of Ghana and value to the nation.
The execution of the plan is expected to provide substantial benefits to the country through a combination of oil entitlements, government royalties, oil company tax payments and gas sales.
Mr Dhir, said that in the first year of the implementation of the plan this year, the company has reported the drilling of three wells and completed in the Jubilee field, adding an extra 8,000 barrels of oil per day to production.
It is also the expectation of the company that the well drilling campaign would begin to offset near term production decline, while further wells in 2022 would see production materially recover and sustained for the long-term.
The CEO of Tullow also shared with Vice-President Bawumia the company’s renewed corporate strategy and purpose, which is to build a better future through responsible oil and gas development that creates value for our host nations, investors, staff and communities.
“Tullow is committed to a long-term plan of working with our host government in Ghana and other African countries in the recovery of oil and gas resources that enables us to support the government’s efforts of delivering economic development,” he stated.
“Tullow will focus on producing oil in safe operations and in an environmentally sustainable way by executing its Net Zero plan, which includes a comprehensive plan to reduce routine flaring by 2025,” he added.
Meanwhile, the leadership of the company are expected to have engagements with the Ministry of Energy, the Bank of Ghana, the Ghana Stock Exchange (GSE) and some selected institutions before they end their week-long visit in the country.
Commenting on the visit, the Managing Director for Tullow Ghana, Wissam Al Monthiry said “this is an important visit that will allow the whole Senior Leadership Team to discuss Tullow’s plans and progress with our key stakeholders across Ghana.
This is the first time the SLT have made a trip like this since the start of the Covid-19 pandemic, and I am excited to see the whole team back in Ghana.”