• 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.
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might seek to address rating concerns • April 2026 allows...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...