Tullow looks to Ten development farmdown as new prospects excite

Tullow Oil has announced plans to farm down its equity in the Tweneboa-Enyenra-Ntomme (Ten) development and production area in return for a carry on development costs. “This will enable Tullow to manage its exposure to development spend over the coming years whilst retaining a material interest and operatorship of the high-value oil production expected to commence in mid-2016,” the company said. The importance of Tullow’s West African oil production portfolio can be seen in the company’s H1 results, in which the region represented 77% of the company’s 88,600 boe/d working interest production. Production from Ghana’s Jubilee field is 110,000 b/d, with a target of 120,000 b/d by year-end, while the company is working to maintain stable production from established fields in Gabon and Equatorial Guinea.