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May 15, 2013

Tullow invested 669 million dollars in Ghana last year

As part of its commitment towards the socio-economic development of the country, Tullow Oil plc in 2012 invested 669 million dollars as part of its corporate social responsibilities.

Out of the amount 114 million dollars was spent on developing the capacity building of Ghanaian registered businesses, which supply and provide services to the company.

This became known when Mr Aidan Heavey, Chief Executive Officer, Tullow Oil plc, addressed shareholders of the Tullow Ghana in Accra on Tuesday.

He said Tullow Ghana had also contributed 5 million dollars towards the establishment and the running of the Youth Enterprise Centre, which has been established by Government at Takoradi to train unemployed youth.

Mr Heavey said oil production from the Jubilee Fields in 2012 averaged 72,000 barrels of oil per day (bopd) adding that by February production was in the excess of 110,000 barrels.

He said following successful exploration, appraisal and testing at the Tweneboa, Enyenra and Ntomme fields, the company had submitted Plan of Development to government to allow the company starts its second deepwater development.

He said Ghana and Uganda have been the focus of the company’s focus since 2007, as major fields have been discovered in the two countries.

“A new area of focus for Tullow Group would be in Kenya and Ethiopia following the successful exploration campaign in those countries in 2012”, he said.

Mr Heavey said Tullow is operational in Ghana, Equatorial Guinea, Gabon, Cote d’Ivoire, Congo

Brazzaville and Mauritania with its main development and operating focus on the Jubilee and TEN projects offshore Ghana.

He said the company expects to increase its jubilee field production from 72,000 bopd in 2012 to 120,000 bopd by the end of 2013.

He noted that local content formed an integral part of the activities of Tullow Oil as it helps to raise standards in local business to ensure that they could compete genuinely for contract.

“This is capacity building, and it is good for Tullow because it drives down cost in the supply chain, and it also good because for the businesses involved, which learn to produce better quality goods and

Services,” he added.

He said developing local content also helps to develop the national economy and provide opportunities for all.

Mr Ike Duker, Executive Chairman, Tullow Ghana, appealed to the shareholders to keep faith with the company.

He said the company managed business in a responsible way in order to maximise sustainable development opportunities for their host countries.

Source: GNA