- Tullow Ghana Limited remains committed to harnessing the huge potential of hydrocarbons in Ghana’s offshore fields.
- Tullow, he said, expected that the negotiation of the TEN amendment plan of development would be concluded soon, paving the way for over $1 billion investment by joint venture partners in the industry.
Tullow Ghana Limited remains committed to harnessing the huge potential of hydrocarbons in Ghana’s offshore fields, the Managing Director (MD) of the company, Jean-Medard Madama, has reiterated.
He said, “We continue to see the potential for the Jubilee and the TEN Fields—and we have all been witnesses to the success of the Jubilee South East project, which has increased production in the Jubilee Field.”
He noted that the oil and gas sector contributed significantly to Ghana’s Gross Domestic Product (GDP) and that future outlooks suggest increased contributions by attracting exploration and production investments.
Mr Madama indicated that Tullow’s gas production had been crucial to Ghana’s constant supply of electricity through the regulator and would ensure that the country could utilise and export natural gas, leading to increased foreign capacity.
Tullow, he said, expected that the negotiation of the TEN amendment development plan would be concluded soon, paving the way for over $1 billion investment by industry joint venture partners.
The MD said, “We all recognise that investment decisions such as this require following the competitive process, over-competing rates investment, the project’s bankability, and the approval’s efficiency.”
Mr Madama said, “I am proud that, last year, out of $1.17 billion investments, $1.12 billion was invested in ingenious indigenous companies. Local joint ventures are a true vote of confidence in our people, companies, and resources.”
The General Manager, Sustainability and Stakeholder Relations, Ghana, National Petroleum Corporation (GNPC), Dr Kwame Baah Nuakoh, said Ghana was working with partners in other fields for the country to develop its God’s given natural resources in the oil and gas sector.
He highlighted that the energy transition was real and stressed, “We need to ensure the transition is done at the pace that allows African countries and other developing countries to use its natural resources for its development.”
Dr Nuakoh recognised that the transition had implications for the oil and gas sector regarding finance, the sources of finances for investing and competition.
He noted that Ghana and Nigeria had shown the way with the West Africa gas pipeline, and “so it is time Ghana looked at cross-border facilities for oil and gas production to harness regional markets.”
Dr Nuakoh said the GNPC had signed a Memorandum of Understanding (MOU) with Societe Nationale des Petroles du Congo (SNPC) to explore the possibility of SNPC subsidiary, which owns oil rigs, onshore oil rigs, lending oil rigs to Ghana for the exploration of some basins.