Tullow gets formal OK for Jubilee field

15th Jul 2009 07:46

Tullow Oil has received formal approval from the Minister of Energy in Ghana for the Phase 1 Development Plan of the UK firm's Jubilee field.Work on the Floating, Production, Storage and Offtake vessel (FPSO) and subsea facilities started in July last year and is on track to deliver first oil in the second half of 2010. The field will deliver a plateau oil rate of 120,000 barrels of oil per day (bopd).Tullow's initial equity interest in the Jubilee Unit Area, which it will operate, is 34.7%. Kosmos Energy has 23.49%, Anadarko Petroleum 23.49% and the Ghana National Petroleum Corporation 13.75%."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," said Tullow's chief operating officer Paul McDade."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."