Jubilee partners invest more than $19 billion in oil fields since 2010, paid $6 billion in taxes

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The Managing Director of Tullow Oil, Wissam Al Monthiry has disclosed that the Jubilee partners have invested more than $19 billion in Ghana’s oil fields since it started exporting oil in commercial quantities in 2021.

Additionally, they have also paid a little over $6 billion to the State in taxes.

Speaking to JoyBusiness, the MD noted that the development shows that all these partners are committed to the country’s oil sector and they are here to stay.

He added that looking at current developments on field, the total amount of funds invested could even increase further. 

The development should also tell Ghanaians that they are here to stay in terms of “more oil explorations and development in that space”.

Jubilee partners and local content

The partners have also disclosed that since Ghana started commercial production of crude in 2020, it has award significant amount of contracts to Ghanaians.

This can be pegged at almost $11 billion. According to the Managing Director of the Tullow Oil, the development shows that the partners are committed to the Ghana’s local content policy. 

The assurance is coming at a time that some indigenes have complained that enough has not been done for a lot of Ghanaians with the required technical expertise to work and benefit from the oil sector.   

Development of more oil wells on the Jubilee and TEN fields

Tullow Oil has indicated plans of exporting crude Oil from new oil wells from the 3rd quarter of this year.

Earlier this year, they commenced work on the wells. 

The MD noted that this exercise could go a long way to improve daily production of crude oil and aid the recovery of the company after taking a hit last year because of the Covid-19.  

He also noted that Tullow Oil has brought an end to works on the Jubilee Turret bearing a move that could aid production and exploration of more oil from the fields. This will also create more jobs for Ghanaians and others in the industry.

Ghana value maximization plan and Tullow Oil

According to Tullow Oil, its 10-year value maximization plan program will lead to more investments in the Jubilee and TEN fields.  This should lead to about $4.4 billioninvested in the field. The Managing Director said this is a testament of its commitment to Ghana because “only 13 percent of oil reserves on the jubilee field has been produced so far.”

“We intend to drill 4 to 5 wells on the average in year as part of our new explorations going forward,” he added.

 The Tullow Oil MD also disclosed that they have made some progress with the regulators and government on gas exploration on the various oil fields.

Tullow Oil and Importation of Liquefied Natural Gas

According to to company, even though it respects Government’s rights to diversify  the country’s energy needs, it is worried about plans to approve the importation Liquefied Natural Gas and how that could affect its operations on the oil fields going forward.