Oil Giant Tullow is preparing to drill eight new wells in the Ghana from next year. The company suspended its operations in Ghana’s waters for the past three years due to a boundary dispute between Ghana and Cote d’Ivoire.
The International Tribunal on the Law of the Sea (ITLOS) last year ruled in favour of Ghana paving way for the firm’s new move to drill new wells.
Managing Director of Tullow, Kweku Awotwi disclosed this to reporters during an interaction with them at the Ghana Stock Exchange in the Accra.
Awotwi said “ We are going to increase production from 170,000 to 180,000 barrels per day by the end of the year, following successful drilling of additional wells”.
Chief Financial Officer of the Tullow PLC, Lee Wood on his part said the firm is currently discussing moves to resume payment of dividend after 4years on nonpayment.
The firm has so far invested $15.6 million in Ghana as at August this year. The mount comprises $2.5 million in exploration and appraisal and $13.1 million in development and production.
Tullow Oil is a leading independent oil and gas exploration and production company.
The Group has interests in over 80 exploration and production licences across 16 countries which are managed as three Business Delivery Teams: West Africa, East Africa and New Ventures.
Source: Africafeeds.com
