May 30, 2013 / 11:14 AM / 4 years ago

Tullow says Ghana approves new offshore oil project

LONDON, May 30 (Reuters) - Explorer Tullow Oil said on Thursday that Ghana gave the green light to a second major oil development off the coast of the West African country, paving the way for production to start in three years time.

Tullow said that the new project, named TEN and located 60 kilometres away from the company’s flagship Jubilee project, would pump its first oil in 2016 and reach plateau production of 80,000 barrels of oil per day.

“This is an important project that will give Ghana its second major offshore development,” said chief executive Aidan Heavey.

Tullow, whose partners include U.S. firms Anadarko and Kosmos, said it will now focus on finalising the contracts to get the infrastructure in place, adding that Ghana had set a number of targets for it to use locally-sourced goods and services.

At 1112 GMT, Tullow’s shares were trading up 1.9 percent at 1049 pence.

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