Tullow Oil has forecast a capital expenditure (CAPEX) of c.$400Million in three African countries 2023.
The highest spend will be in Ghana, the company’s crown jewel, expected to gulp 75% (about $300Million) of the CAPEX.
Gabon comes a distant second at, c.$40Million, followed by Côte d’Ivoire (c.$20Million) and Kenya (c.$10Million).
Less than 10% of the CAPEX (c.$30Million) is allotted to exploration and appraisal activities, in these countries and, perhaps, outside them.
Some of the CAPEX in Ghana will be used to complete the production facility for the Jubilee South East in the first half of 2023. “It will mark the end of the current major infrastructure spend on Jubilee”.
The UK minnow anticipates gross production from Jubilee expected to increase to over 100,000BOPD with four new wells at Jubilee South East and a further Jubilee producer onstream later in 2023.
Tullow is impressed with the outcome of the change of operations & maintenance (O&M) contractor o the Kwame Nkrumah FPSO on the Jubilee field; it says that costs are “expected to be c.23% lower than in 2021”.
