Accra, Ghana — ESI-AFRICA.COM — 25 August 2011 – Tullow Oil plc “’ a U.K. explorer with the most licenses in Africa “’ has announced that it may invest at least US$4 billion, in conjunction with its partners, to develop new oil fields off the coast of Ghana.
Revealing this here, chief operating officer Paul McDade said Tullow, along with Anadarko Petroleum Corporation and Kosmos Energy Limited, would begin engineering and design work for the Enyenra and Tweneboa fields in the Deep Water Tano block in September.
The partners, which also including Ghana National Petroleum Corporation, will study a plan to produce 75,000 to 125,000 barrels a day from the fields, with first oil pumped in early 2015.
Tullow’s Jubilee field, the largest in Ghana, is expected to pump 105,000 barrels a day in October, up from about 85,000 barrels a day currently, the company said in a statement.
“Enyenra and Tweneboa are of similar scale to Jubilee, a little bit more complex,” McDade said in a phone interview. “We are kind of thinking of US$4 billion plus. That’s our territory, but it’s quite uncertain at the moment.”
Tullow, based in London, will also proceed with development of Ghana’s Teak, Mahogany East and Akasa discoveries in the West Cape Three Points Block, exploration director Angus McCoss said in an interview. Its projects in Ghana, Uganda, Namibia and Mauritania are able to produce more than 200,000 barrels of oil day, according to a presentation on its website.
Tullow’s first-half net income more than tripled to US$311.3 million as revenue reached US$1.1 billion, it said in today’s statement. It doubled an interim dividend to 4 pence a share.
“Overall these should be taken as a solid set of results by investors, with a small beat to consensus earnings,” Oswald Clint, an analyst at Sanford C. Bernstein & Company, said in an e- mailed report. “Also, there’s the doubling of the dividend, signaling management’s confidence in continued cash flow.”