UPDATE:Tullow:First Oil From Ghana Jubilee Field In Nov Or Dec

1st Jul 2010 10:23

(Adds output detail.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The first oil will be produced from Ghana's Jubilee field in November or December and output will reach 120,000 barrels a day within six months, field operator Tullow Oil PLC (TLW.LN) said Thursday. The startup of the Jubilee field will be a big event for both Tullow, which will become a significant oil producer, and Ghana, which will see a major boost to its government finances from the project. The Jubilee project has cost $3.15 billion to date, compared with the original budget of $3.1 billion, Tullow said in a presentation to analysts posted on its website. The total reserve potential of Jubilee is 1.5 billion barrels of oil equivalent, a slight decrease from the previous figure of 1.8 billion. The highest reserves estimate for Tullow's nearby Tweneboa field is unchanged at 1.4 billion barrels of oil equivalent, Tullow said. -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected] (END) Dow Jones Newswires July 01, 2010 05:23 ET (09:23 GMT)