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UPDATE 1-Tullow says Ghana approves new offshore oil project
May 30, 2013 / 1:12 PM / 4 years ago

UPDATE 1-Tullow says Ghana approves new offshore oil project

By Sarah Young

LONDON, May 30 (Reuters) - Explorer Tullow Oil said on Thursday Ghana had given the green light to a second major offshore oil development, paving the way for production to start on the $6 billion project in three years’ time.

Tullow said 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 should subsequently reach plateau production of 80,000 barrels of oil per day.

Tullow, which holds a stake of about 50 percent in TEN, has announced plans to reduce its holding in order to raise additional capital for development.

“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, Kosmos and state-run Ghana National Petroleum Corp, said it would focus on finalising contracts to get infrastructure in place.

It said Ghana had set a number of targets for it to use locally-sourced goods and services.

The partners say around $1 billion has so far been spent on appraisal works.

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

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