Occurring from November 4 to 8, African Energy Week: Invest in African Energy brings together exploration and production companies and investors with African project opportunities.
Rahul Dhir, Chief Executive Officer (CEO), Tullow Oil |
Tullow Oil, an independent energy company, intends to augment oil production at operational fields in Ghana and Gabon during 2024. Furthermore, the company is making preparations to undertake exploratory drilling in Ivory Coast in 2025. Dedicated to the responsible development of oil and gas resources in Africa, Tullow Oil's asset portfolio across the continent not only contributes to energy security but also generates economic opportunities for local communities. The company's CEO, Rahul Dhir, will be a speaker at the upcoming African Energy Week (AEW): Invest in African Energy conference, which is Africa's largest energy event, scheduled from November 4 to 8 in Cape Town.
The company prioritizes operational excellence, capital efficiency, and business growth. Our focus is on maximizing production at existing fields and evaluating new development opportunities to contribute to the economic growth of the countries in which Tullow Oil operates. At AEW: Invest in African Energy 2024, Dhir will provide insights into our project portfolio and outline strategies we are implementing to optimize production through innovative drilling techniques.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
Tullow Oil, a prominent player in Africa's energy sector since 1986, maintains a robust presence across various markets on the continent. In Ghana, the company holds the distinction of pioneering discoveries within the Gulf of Guinea's Tano Basin. Tullow Oil's continued success is exemplified by the commencement of production at additional wells. Notably, the company achieved a significant milestone in 2023 by completing the Jubilee South East project at the Jubilee prospect, resulting in a remarkable production capacity of 100,000 barrels per day (bpd). To sustain this impressive output over the coming years, Tullow Oil has meticulously planned an ongoing infill drilling program. Over the past three years, a substantial investment of $1 billion has been strategically allocated to the Jubilee South East project, enabling the realization of previously untapped reserves.
Furthermore, the company anticipates the introduction of five new wells in 2024, comprising three production wells and two water injector wells. Tullow Oil's second noteworthy deepwater development in Ghana is the TEN field, which commenced production in 2016.
In Gabon, Tullow Oil is spearheading infrastructure-driven exploration initiatives. In 2023, the company successfully extended its Gabonese licenses until 2046. Gabon holds a pivotal position within Tullow Oil's production portfolio, representing one of the company's high-yield production assets. For 2024, Tullow Oil's strategic focus will shift towards infill drilling to maintain steady production levels.
Additionally, the company plans to undertake two infrastructure-led exploration wells at the Simba license within this year. Looking beyond 2024, Tullow Oil is dedicated to establishing its Tchatamba facilities in Gabon as a central hub. This complex encompasses the Tchatamba Marin, Tchatamba South, and Tchatamba West fields, along with 19 development wells.
Currently, Tullow Oil is preparing the prospect inventory for the selection of a drilling candidate for an exploration well in Ivory Coast, scheduled for 2025. In Ivory Coast, the company holds interests in low-risk investment projects with the potential for rapid commercialization, substantial returns, and quick payback. In 2023, Ivory Coast's production contributed 1,000 bpd to the company's non-operated portfolio. Additionally, Tullow Oil is developing the South Lokichar Basin in Kenya. Following the acquisition of minority partners in 2023, Tullow Oil regained a 100% stake in Blocks 10BB, 13T, and 10BA in the basin. As a cost-effective development project, the basin's gradual development continues, targeting first production in 2028. A Field Development Plan has been submitted and is undergoing government review.
In addition to exploration and production endeavors, Tullow Oil is advancing environmental initiatives focused on reducing greenhouse gas emissions. In May 2024, the company entered into an Emissions Reduction Purchase Agreement with Ghana's Forestry Commission. This agreement entails an investment of up to $90 million over a ten-year period in forestry projects, aligning with Tullow's 2030 Net Zero target for Scope 1 and 2 emissions. The initiative aims to address deforestation and promote sustainable land use, generating up to one million tons of carbon offset credits annually from two million hectares of land in Ghana's Bono and Bono East regions.
“Tullow Oil is not only making great strides towards maximizing production at active fields but is spearheading efforts to reduce emissions and foster economic growth. With sustainability at the forefront, the company is unlocking value from both discovered reserves and potential finds. These efforts are bound to translate into tangible opportunities for local communities, showcasing the value of oil and gas in Africa,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.