Oil exploration company Tullow says it will cost it about $780 million to construct the remaining wells on its TEN oilfields in the Western Region of Ghana, near Ivory Coast.
The company has so far completed one of its 13 wells to be drilled on the oilfields, due to the maritime border dispute between Ivory Coast and Ghana which led to the suspension of drilling activities between 2016 and 2017.
However, following the International Tribunal of the Law of the Sea (ITLO) ruling in of favour of Ghana in September 2017, Tullow has resumed operational activities on the fields and now wants to develop the rest.
Tullow Ghana’s Managing Director, Kweku Awotwi said he was hopeful of a rebound in production from the current 64,000 barrels of oil per day on the TEN fields soon.
“Right now Jubilee and TEN are producing; we commenced production a couple of years ago. We are producing about 75,000 barrels of oil per day from Jubilee and about 64,000 barrels of oil from TEN. The idea is that we actually didn’t drill wells for a number of years because of a few things including the boundary dispute with Ivory Coast.
“But we have started drilling wells again and the idea is that those wells will give us basically stocks and even additional for next year and that exercise started just in the month of March to allow us have a lot more of the pipelines,” Mr. Awotwi added.
He was also optimistic that the resumption of full operations on the Jubilee oilfields following the completion of remedial works on the faulty turret bearing, will increase the company’s daily output.