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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil    TLW   GB0001500809

TULLOW OIL (TLW)
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Tullow Oil : Ghana to Drill More Wells in 2018

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01/13/2018 | 03:18pm CEST

Tullow Oil has announced it will drill at least two more wells commencing February 2018.

It said it has secured the Maersk Venturer rig to be used across the TEN and Jubilee fields and has been contracted for up to four years with favourable early termination provisions.

The first well planned is an Ntomme production well in the TEN fields followed by a Jubilee production well located in the north-eastern area of the field. Work is ongoing to finalise the sequence of further wells to optimise output from both the Jubilee and TEN fields. Tullow and its Joint Ventures Partners continue to evaluate the business case for contracting a second rig that would allow the acceleration of drilling on the TEN and Jubilee fields, Tullow announced in a Trading Statement and Operation update.

The statement said the companys West Africa 2017 oil production exceeded expectations for the year averaging 89,100 bopd barrels of oil per day, a common unit of measurement for volume of crude oil.

Tullows West Africa 2017 oil production exceeded expectations for the year averaging 89,100 bopd. This includes 7,400 bopd of net production-equivalent payments received under Tullows Corporate Business Interruption insurance for the Jubilee field. In Europe, working interest gas production performed in line with expectations with full year net production averaging 5,600 boepd.

In 2018, working interest oil production, including production-equivalent insurance payments, is expected to average between 82,000 and 90,000 bopd. Working interest gas production, which includes TEN associated gas sales and the impact of the Netherlands assets sales in 2017, is expected to average between 3,500 and 4,500 boepd. This brings overall Group production guidance, for both oil and gas, to between 86,000 and 95,000 boepd, it added.

Below is excerpt of the Statement on Ghana and West Africa:

WEST AFRICA

Ghana

Jubilee

Full year 2017 gross production from the Jubilee field averaged 89,600 bopd (net: 31,800 bopd). Tullows Corporate Business Interruption insurance is expected to reimburse 7,400 bopd of net production-equivalent insurance payments, bringing expected full year effective net production from Jubilee to 39,200 bopd. Gross production in the latter part of 2017 was consistently above 90,000 bopd and we expect to build on this as we commence drilling in 2018.

Preparations continue in advance of the planned turret bearing stabilisation work in the first quarter of 2018. This work is expected to take place over two shut-down periods, totalling four-to-six weeks. A further planned shut-down of approximately three weeks is expected around year end 2018 to rotate the FPSO to its permanent heading.

The Government of Ghana approved the Greater Jubilee Full Field Development Plan in October 2017, allowing Tullow and its Joint Venture Partners to prepare for a multi-year incremental drilling programme to maximise and sustain oil production and gas export. The initial focus will be the drilling and completion of new wells in the Jubilee unit area that will make use of existing infrastructure, and the completion of a well previously drilled in the Mahogany discovery.

Tullow expects 2018 gross production from the Jubilee field to average 75,800 bopd (net: 26,900 bopd), which takes into account the planned shut-downs associated with the turret remediation work. Tullows Corporate Business Interruption insurance cover, which compensates Tullow for lost production associated with the remediation works, is expected to reimburse Tullow 10,200 bopd of net production-equivalent insurance payments. Jubilee effective net production is therefore expected to average around 37,100 bopd for 2018.

TEN

Gross production from the TEN fields exceeded initial guidance in 2017, averaging 56,000 bopd (net: 26,400 bopd). This strong performance was as a result of production and water injection optimisation which continues to be effective and the field performed consistently above 70,000 bopd during November and December 2017.

Following the ITLOS ruling in September, Tullow has received notification from the Government of Ghana to recommence drilling in the TEN fields. A multi-year incremental drilling programme will be started this year, seeking to ramp up production from the TEN fields to utilise the full capacity of the FPSO and sustain this over a number of years.

In the last quarter of 2017, Tullow signed the TEN Associated Gas (TAG) Gas Sales Agreement with the Government of Ghana and Tullow anticipates the start of gas sales from TEN in the first half of 2018. Gross gas sales equivalent to 4,200 boepd (net: 2,000 boepd) have been forecast for the year.

Tullow expects 2018 gross oil production from the TEN fields to average 64,000 bopd (net: 30,200 bopd). During the year, the rig schedule and timing of drilling and completion operations will be optimised, providing upside potential to this initial estimate.

Ghana drilling in 2018

Tullow has secured the Maersk Venturer rig which is expected to commence drilling in February 2018. The rig will be used across the TEN and Jubilee fields and has been contracted for up to four years with favourable early termination provisions. The first well planned is a Ntomme production well in the TEN fields followed by a Jubilee production well located in the north-eastern area of the field. Work is ongoing to finalise the sequence of further wells to optimise output from both the Jubilee and TEN fields. Tullow and its Joint Ventures Partners continue to evaluate the business case for contracting a second rig that would allow the acceleration of drilling on the TEN and Jubilee fields.

Non-operated Portfolio and Europe gas production

2017 West Africa net non-operated production exceeded expectations at 23,500 bopd. Net production in 2018 is expected to be around 19,100 bopd. The reduced year-on-year forecast is primarily due to natural decline as a result of sustained low investment levels during a period of low oil prices, combined with the expected exit from the MBoundi field Congo (Brazzaville) which, once completed, would be effective from July 2017, and the cessation of production at the Chinguetti field in Mauritania.

Full year gas production from Europe averaged 5,600 boepd in 2017, which includes production from Tullows Netherlands assets prior to the completion of their sale in November 2017. In 2018, Tullow expects annual production from its UK assets to average around 1,900 boepd which takes into account cessation of production in the third quarter of 2018, ahead of decommissioning activities.

(c) 2018 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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