[Ghana] Jubilee - FPSO Kwame Nkrumah MV21

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escveritas
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[Ghana] Jubilee - FPSO Kwame Nkrumah MV21

Unread post by escveritas »

Ghana’s world-class Jubilee field was discovered in 2007 by the Mahogany-1 (M-1) and Hyedua-1 (H-1) exploration wells.

The two wells were drilled some 5 km apart and intersected large continuous accumulations of light sweet crude oil. The M-1 and H-1 wells discovered large net pays of 95m and 41m respectively in high-quality stacked reservoir sands. The Jubilee field straddles the West Cape Three Points and Deepwater Tano licences.

Image

In July 2009, the Minister of Energy approved the Phase 1 Plan of Development which included the use of an FPSO with a facility capacity of 120,000 bopd. In December 2010, the field came on-stream.

Turret Remediation Project

The Turret Remediation Project is close to completion. This pioneering and unique project, which included the first ever remediation of this type at sea, required the FPSO Kwame Nkrumah to be shut down twice in the first half of 2018 for work to stabilise the turret bearing for periods of 19 days and 21 days respectively. In December 2018, the FPSO was successfully rotated to its new heading of 205 degrees and subsequently spread-moored.

The JV Partners have also agreed to install a Catenary Anchor Leg Mooring (CALM) buoy for offtake from the FPSO and a contract award has been made. The installation of the CALM buoy is likely to take place in 2020 and is not expected to affect production.

2020 Production

Gross production from the Jubilee field is expected to average around 82,000 bopd (net: 29,000) bopd in 2020.

Jubilee unit area
Tullow (operator) 35.48%
Kosmos 24.08%
Anadarko 24.08%
GNPC 13.64%
Petro SA 2.73%
escveritas
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Re: [Ghana] Jubilee

Unread post by escveritas »

Tullow Oil plc (Tullow) is pleased to announce the start of a multi-year, multi-well drilling campaign offshore Ghana with the commencement of drilling of the first well at the Jubilee Field yesterday.

As previously announced, the Maersk Venturer, which has been contracted for four years, is expected to drill four wells in total in 2021, consisting of two Jubilee production wells, one Jubilee water injector well and one TEN gas injector well.

The 2021 drilling campaign is the first part of Tullow’s 10-year Business Plan which was presented at Tullow’s Capital Markets Day in November 2020. The Ghana portfolio has a large resource base with extensive infrastructure already in place. Through a rigorous focus on costs and capital discipline, Tullow believes that these assets have the potential to generate material cash flow over the next decade and deliver significant value for Ghana and investors.

Throughout this campaign, Tullow will continue to implement its Shared Prosperity strategy through a strong local content programme with suppliers in Ghana, the professional and technical development of Ghanaian nationals and continued investment in STEM education, enterprise development and shared infrastructure.

Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:

“Today is an important milestone in the implementation of our long-term Business Plan. Working closely with the Government of Ghana and our joint venture partners in Ghana, I am confident that we will unlock the full potential from the Jubilee and TEN fields through this multi-year, multi-well drilling programme.”
escveritas
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Re: [Ghana] Jubilee

Unread post by escveritas »

Tullow Oil plc (Tullow) is pleased to announce that it has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy

The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.

This transaction takes Tullow’s equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production. This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd). This additional equity increases Tullow’s 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026.

As of 31 December 2021, the transaction increases Tullow’s net 2P reserves by c.21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of $355 million at $75/bbl.

Rahul Dhir, CEO of Tullow Oil plc, commented today:

“I am delighted that this important transaction has completed and I am grateful for the continued support of the Government of Ghana and, in particular, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the assets and meets our objectives of value accretion and deleveraging.”
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