Jubilee set for development spree

Offshore staff

LONDON -- Tullow Oil expects the final cost of Phase I of the Jubilee project offshore Ghana to be within 5% of the original $3.1 billion budget.

Current production is running at over 69,000 b/d of oil from five wells, building to full capacity of 120,000 b/d during the next five months as the remaining four producers are completed and brought on line.

Water injection to two wells is currently around 110,000 b/d, and a further four water injectors will be completed this year to maintain plateau oil production. Gas injection will start this month to a single well, with the second injector due to be completed this summer.

Planning on the Phase Ia Jubilee development started late last year, designed to help sustain plateau output, and entailing a further five to eight wells. The partners will likely take an investment decision during the summer following analysis of reservoir performance and submission of plans to the Government of Ghana.

Tullow adds that subsurface planning has already identified the additional well locations, and tenders are out for a deepwater rig to execute the program starting early in 2012.

Kosmos Energy, operator of the West Cape Three Points (WCTP) license has submitted a Declaration of Commerciality for the Mahogany East (ex-Southeast Jubilee) area, which the government is reviewing.

03/14/2011



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