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Tullow said in its trading statement and operational update on Wednesday that the eventual increase to 180,000 bopd was in line with the company’s 2019 production forecast.
In 2018, Tullow’s West Africa oil assets delivered net production of 88,200 bopd, in line with expectations. Working interest gas production averaged 1,800 boepd for the full year resulting in overall group net production of 90,000 boepd.
The company’s net production from Jubilee in 2018, including estimated production-equivalent insurance payments of 8,600 bopd, was 36,300 bopd.
Tullow added that it expected 2019 average gross oil production from the Jubilee to increase to around 96,000 bopd.
As for TEN, the company stated that the field performed well throughout 2018 with gross production averaging 64,500 bopd, in line with expectations. The field, according to plans stated in the trading and operational update, was expected to step up production in 2019 to around 83,000 bopd. Gross gas production is expected to be around 2,100 boepd.
Drilling plans in Ghana
The company said that the 2018 drilling program was successfully executed with two drilling rigs operating in tandem across both fields.
Two new producer wells were drilled and completed at Jubilee, and an existing water injection well was completed. At TEN, two new producing wells and one water injection well were drilled.
The first new producer well, NT05-P, was brought online in August 2018 and is performing very well. The second producer, EN10-P, is currently being completed and is expected to be online in February.
In 2019, Tullow plans to drill and complete seven new wells across the TEN and Jubilee fields allowing gross oil production from Ghana to rise to approximately 180,000 bopd.
Paul McDade, CEO of Tullow Oil, said: “Tullow is well-placed to deliver on its growth ambitions. In 2019, we will increase oil production in West Africa, target final investment decisions in East Africa and drill the first wells in an exciting exploration campaign in Guyana.
“Despite a volatile oil price, Tullow’s improved balance sheet, low-cost production, and strong cash flow generation, even at lower oil prices, will allow us to both invest for growth and pay a sustainable dividend.”