(Alliance News) - Kosmos Energy Ltd and Tullow Oil PLC on Friday announced the successful start-up of their Jubilee South East project in Ghana, alongside joint venture partners Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings.
Kosmos is focused on Ghana, Guinea and the US Gulf of Mexico, while Tullow is an Africa and South America-focused oil and gas exploration company.
The firms said the first production well has been brought onstream at the project. There are two more and a water injector set to be brought onstream later this year, they said.
The companies hope to reach production of 100,000 barrels of oil per day at Jubilee. This level of production will be maintained during the next few years during the ongoing infill drilling programme, Kosmos and Tullow said, noting that they have identified multiple future drill targets in order to extend the Jubilee resource base.
The joint venture has invested USD1 billion in the project over the past three years, funding the drilling of wells and the development of infrastructure at the site.
Kosmos Chief Executive Andrew Inglis said: "This is a significant milestone for Ghana and for the partnership, with growing production expected to drive higher revenues for the country and partners for years to come. Delivery of Jubilee South East is the first of three major growth projects for Kosmos."
Tullow CEO Rahul Dhir said: "Through our strong project management and operating capability, we have delivered a complex offshore development which is one of the key catalysts to unlock value for our business. We are well positioned for future growth with production ramping up in the second half of 2023 that will generate significant free cashflow."
Kosmos shares were untraded at 507.5 pence each on Friday morning in London, while Tullow shares rose 2.9% to 30.69p each.
By Harvey Dorset, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Kosmos Energy (KOS)
Tullow Oil (TLW)