• 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.
BCEAO lowers main rate from 3.50% to 3.25% effective June 16, 2025 Inflation eased to 2.3% in...
AfDB raised $3 billion in a two-part bond issuance in U.S. dollars. The deal included th...
IFC to acquire stake in KERA Health, an AI-based e-health platform in Senegal Funding to supp...
• WAEMU’s inflation dropped from 2.2% in March to 1.5% in April 2025• BCEAO attributes the decline t...
• Funding resumes after 2023 suspension tied to Uganda’s anti-LGBT legislation• Three new projects a...
• The World Bank approves $88.7 million for the “Excellence in Learning” education project• The program aims to improve access and quality of...
• Algeria sets goal to raise date export revenues to $250 million per year• New plan aims to expand exports from 57 to 150 countries• Challenges...
• South African academy WeThinkCode receives R35 million ($2 million) from Google.org• The program targets 12,000 youth in South Africa and Kenya,...
• RAM to acquire up to 50 Boeing 737 MAX jets, several 787 Dreamliners, and around 20 Airbus A220s• The plan supports the airline’s long-term strategy to...
Located in the Seychelles archipelago, over 1,100 kilometers southwest of Mahé, Aldabra is one of the largest coral atolls in the world. It is composed of...
Le Morne Brabant, a basaltic mountain rising 556 meters in the southwest of Mauritius, overlooks a landscape of striking natural beauty. More than a...