Tullow Oil expects top end from Jubilee

10th Nov 2010 07:34

Tullow Oil has confirmed the Jubilee field in Ghana will move into production next month, December, with its working interest forecast at an average 58,000 barrels daily, the top end of previous guidance. Elsewhere, an appraisal programme to delineate the recently discovered Owo and Tweneboa fields commences shortly, and a major basin-opening exploration campaign across five countries in both Africa and South America is already under way. Tullow added it is also nearing agreement with the Government of Uganda for an accelerated development of the Lake Albert Rift Basin through a farm-down to CNOOC and Total. Overall, the Jubilee Phase 1 development will transform group production next year, Tullow said, and the outlook for the group is 'very positive'.'To date, in the second half of 2010, the Group has made excellent operational progress and financial performance is in line with expectations,' it added.