Tullow’s Ghana drilling programme to commence in May 2025 with 2 Jubilee wells

Tullow Oil Plc announced its Ghana drilling program will start in May 2025. This program includes two Jubilee wells: one producer and one water injector.

Production is expected to begin in the third quarter of 2025.

In its 2025 Outlook and Guidance Report, Tullow stated five new Jubilee wells have been completed. This includes three producers and two water injectors. The drill program finished about six months early, with no safety incidents reported. It also saved over $88 million compared to the initial budget.

Ghana remains a key area for Tullow's operations. Operational efficiency was high this year, with FPSOs averaging 97% uptime. The combined average production rate was approximately 44.1 kbopd net. Five new Jubilee wells were brought online in the first half of 2024, completing the drilling program safely ahead of schedule.

Gross oil production from the Jubilee field averaged around 87 kbopd, or about 33.9 kbopd net. Production faced challenges due to issues with the J69 producer well and water injection performance.

The FPSO will undergo planned maintenance in early 2025. Upgrades will be made to improve power supply reliability and water injection consistency during this time.

Richard Miller, CEO of Tullow Oil Plc, outlined plans for debt refinancing this year. He emphasized strengthening the company's balance sheet as a priority.

Tullow is making progress on selling its Gabonese assets, which should close mid-year.

In January 2025, Tullow resolved its claim regarding Ghana Branch Profits Remittance Tax (BPRT). The outcome confirmed that Tullow Ghana does not owe the $320 million BPRT assessment from the Ghana Revenue Authority (GRA). This decision removes future exposure to BPRT under its Petroleum Agreements (PAs) and affirms confidence in those agreements.