Tullow Oil to support economic development through sustainable oil and gas recovery
The Chief executive Officer of Tullow Oil Plc, Rahul Dhir, has said that Tullow’s renewed Corporate Strategy and purpose is to build a better future through responsible oil and gas development that creates value for host nations, investors, staff and communities.
Mr Rahul Dhir disclosed this when he led the Senior Leadership Team (SLT) of Tullow Oil Plc to pay a courtesy call on the Vice President, Alhaji Dr Mahamudu Bawumia, at the Jubilee House on Monday, September 27, 2021.
Speaking about Tullow renewed Strategy, Mr Rahul Dhir, said the company remains committed to supporting the government’s efforts of delivering economic development. He said “Tullow recognizes that the risk of climate change is real, but the energy security for development is key to Africa’s growth.
To this end, Tullow Oil Plc is committed to a long-term plan of working with the Government of Ghana and other African countries in the recovery of oil and gas resources that enables us to support government’s efforts of delivering economic development.”
“Tullow has therefore made a firm commitment to become a Net Zero company by 2030 on its Scope 1 and 2 emissions through a combination of decarbonising its operated assets in Ghana and pursuing a nature-based carbon removal programme to offset our hard to abate emissions. Over the next decade, Tullow plans to partner with the Environmental Protection Agency, the Forestry Commission and other government of Ghana agencies to pursue carbon offset projects such as reforestation, afforestation and conservation in order to reduce Co2 emissions,” he added.
Commenting on the performance of the company, Mr Dhir and the SLT said, a strong operational performance and the completion of a transformational debt refinancing programme, has put the company on a firm footing to deliver its Business Plan. The company is witnessing good operational progress in Ghana with rising gross production from the Jubilee and TEN fields and stable uptime on the two FPSOs at an average of 98%.
The Executives also provided an update on the Jubilee Partners’ progress on the Ghana Value Maximisation Plan. Over the last year, Tullow and its partners have had the opportunity to deepen their understanding of the Ghana Assets. Given the quality of the Jubilee and TEN fields – the potential for a highly profitable investment opportunity through a combination of measures, the JV partners are investing in the next 10 years, over $4 billion through the ‘Value Maximisation Plan’ that will deliver consistent revenue to the Government of Ghana and value to the nation. The plan includes the drilling of over 50 new wells over the 10-year period, as part of a multi-year and multi well campaign, and installation of additional subsea infrastructure.
This year marked the beginning of the implementation of the plan, with a target to drill and complete 4 wells across the Jubilee and TEN fields. So far, three wells have been drilled and completed. The 2021 drilling campaign will offset near-term production decline, and further wells in 2022 will see production materially recovered and sustained for the long term. When completed, the plan is expected to benefit the Government of Ghana in terms of revenues from petroleum estimated at a total of over $10 billion.
The Tullow delegation, which comprised the Chief Executive Officer Rahul Dhir, Chief Finance Officer Les Wood, General Counsel Mike Walsh and Director, People and Sustainability Julia Ross as well as the leadership of Tullow Ghana represented by Managing Director for Ghana, Wissam Al Monthiry, also an SLT member and Deputy Managing Director for Ghana, Cynthia Lumor, also paid courtesy calls on the Ministry of Energy, Petroleum Commission, Ghana National Petroleum Corporation, Ghana Stock Exchange, the Bank of Ghana, Environmental Protection Authority, Forestry Commission the Social Security and National Insurance Trust (SSNIT), amongst others.