Tullow Oil and its partners have signed a memorandum of understanding (MoU) with the Government of Ghana to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to
Tullow Oil and its partners have signed a memorandum of understanding (MoU) with the Government of Ghana to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields off the West African country.
The MoU has been signed between the Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Company (GNPC) and Explorco.
It includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses.
As a result of the extension the JV partnership expects to realize a material increase in gross 2P reserves.
A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including a commitment to work to increase in the supply of gas from the Jubilee and TEN fields to c.130 mmscf/d, a reduced gas price for Jubilee associated gas, and a guaranteed reimbursement mechanism for gas sales.
Also, it provides for investment in Ghana National Petroleum Corporation (GNPC) and the Petroleum Commission's capacity with a focus on the use of advanced technology
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