Tullow Oil plc – Jubilee Phase 1 Development Plan formally approved 15/07/2009
15 July 2009 – Tullow Oil plc (Tullow) announces that on 13 July 2009, the Minister for Energy in Ghana formally approved the Jubilee field Phase 1 Development Plan and Unitisation Agreement on behalf of the Government of Ghana.
The Jubilee field will be developed via a Floating, Production, Storage and Offtake vessel (FPSO) and will deliver a plateau oil rate of 120,000 bopd, water injection capacity of 230,000 bwpd and gas export and injection capacity of up to 160 mmscfd. Work on the FPSO and subsea facilities was initiated in July 2008 and is on track to deliver first oil in the second half of 2010.
The Unitisation Agreement has determined the partners’ initial equity interests in the Jubilee field and provides for modification of these interests as further field data becomes available. Tullow’s initial equity interest in the Jubilee Unit Area, which Tullow will operate, is 34.70%. Other partner interests are Kosmos Energy (23.49%), Anadarko Petroleum (23.49%), Sabre Oil & Gas (2.81%), EO Group (1.75%) and the Ghana National Petroleum Corporation (GNPC) (13.75% of which 10% is carried interest).
Commenting today, Paul McDade, Chief Operating Officer, said: “Receiving formal approval from the Government of Ghana is an important milestone for the Jubilee Phase 1 development and supports our decision to fast-track the project early in 2008. By securing rig capacity and commencing the construction and drilling phases in advance, Tullow is confident that it will deliver first oil from this deepwater project just over three years since the first discovery well was drilled.”
For further information contact:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants (+44 20 8996 1000) (+44 207 638 9571) (+353 1 498 0300) Paul McDade Martin Jackson Joe Murray Chris Perry George Cazenove Ed Micheau
Notes to Editors Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 85 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
In Africa, Tullow has production in Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.
Tullow’s European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area. The company also has interests offshore the Netherlands and Portugal.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.
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