Jubilee field development plan approved

The Minister of Energy in Ghana has approved the Jubilee field Phase 1 development plan and unitization agreement on behalf of the Government of Ghana, according to Tullow Oil.

Offshore staff

LONDON-- The Minister of Energy in Ghana has approved the Jubilee field Phase 1 development plan and unitization agreement on behalf of the Government of Ghana, according to Tullow Oil.

The field will be developed via an FPSO and will deliver a plateau oil rate of 120,000 b/d of oil. The vessel will have a water injection capacity of 230,000 b/d of water and gas export and injection capacity of up to 160 MMcf/d. Work on the FPSO and subsea facilities began in July 2008 and is on track to deliver first oil in the second half of 2010, the company says.

The unitization agreement determines 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 Jubilee, which it 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 Corp. (GNPC) (13.75% of which 10% is carried interest).

“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,” says Paul McDade, Tullow’s COO. “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.”

07/15/2009

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