By Our Reporter
Tullow Oil has announced that it is planning exploration and appraisal campaigns that will target one billion barrels of oil equivalent, with more than 40 wells scheduled for 2013.
In an operations update, Tullow said that a clear highlight for it in 2012 was establishing Kenya as a new oil nation with two frontier discoveries at Ngamia-1 and Twiga South-1. The firm plans to build upon this, and its exploration success in Uganda, by spending $900 million on the 40 wells it has scheduled for 2013.
“Tullow accomplished much in 2012. We have had significant exploration success in establishing Kenya as a new hydrocarbon province and continued to add to and mature our exploration portfolio. Jubilee production issues were successfully and cost effectively resolved and gross production from the field is now around 110,000 bopd. Commercial reserves have also increased, benefitting from the submission of the TEN development plan in Ghana. We also significantly strengthened our balance sheet in 2012 by concluding the Uganda farm-down and by refinancing and extending the maturity of our $3.5bn reserves based lending facility.”
Tullow Chief Executive Aidan Heavey commented in a company statement