(Ecofin Agency) - • British firm Tullow launches new campaign at key offshore oil field in Ghana
• Jubilee output declining due to field maturity; 40% of reserves already tapped
• Effort comes as Ghana’s energy sector faces over $3 billion in debt

Jubilee is one of Ghana's most prolific oil reserves, but in recent years, oil production from this offshore hydrocarbon deposit has shown signs of slowing due to maturation.

According to local Ghanaian press posts on Wednesday, May 21, British oil company Tullow Oil has launched a new drilling campaign at the offshore Jubilee oil field. The works on the site are expected to last two years.

"The resumption of drilling at Jubilee marks a new stage in our journey in Ghana and reflects our confidence in the country's resource base," said Jean-Médard Madama, Director of Tullow Ghana.

The director describes it as an "exciting time," linked to the strategy of consolidating Ghanaian crude oil production amidst the maturation of the field—a major asset in the country's oil industry that has been in operation for over two decades.

According to GlobalData, the Jubilee oil field has produced about 40% of its total recoverable reserves. This deposit, currently contributing approximately 55% of the country's daily production, is expected to reach its commercial limit by 2061.

The new drilling program, planned in several phases through 2026, builds on the achievements of the previous campaign, which saw the drilling of 18 wells, delivered ahead of schedule and without exceeding the budget.

With a debt exceeding $3 billion burdening Ghana's energy sector, operators are striving to maintain stable production flows, likely to support public revenues.