- Tullow Ghana Ltd operates Ghana’s two main offshore fields: Jubilee and TEN, with licences extended until 2040.
- The company balances production growth with cost control, aiming for stable revenue and reduced debt.
Tullow Ghana Ltd: Key driver of offshore oilfields
Tullow Ghana Ltd manages the Jubilee and TEN offshore projects, which are Ghana’s two major oil-producing assets. It is a subsidiary of Tullow Oil plc, a company headquartered in London. Tullow has operated in Ghana since 2006. It delivered first oil from Jubilee in 2010. Today, Jubilee remains Ghana’s top offshore oilfield.
According to Tullow Oil, the company continues to invest in drilling and infrastructure upgrades. Tullow Ghana and its partners reached an agreement with the Government of Ghana to extend both the Jubilee and TEN field licences to 2040. This ensures long-term operation and reserves development.
Jubilee output in 2024 reached over 100,000 barrels per day. This was supported by a full year of production from Jubilee South East. The Jubilee well campaign remains ongoing. Tullow Ghana expects continued output growth.TEN, the second asset, faced challenges with lower-than-expected production. However, Tullow is maintaining stable performance by focusing on reservoir management and cost control.
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Tullow Ghana Ltd: Managing financial pressures in a volatile sector
Tullow Oil reported a profit of $55 million in 2024. This follows a $110 million loss in 2023. The company restructured debt and reduced impairment charges. Tullow Ghana contributes significantly to group revenue.
CEO Rahul Dhir said the company will “start to consider shareholder returns” after 2025. Tullow continues to cut capital expenditure and focus on high-return assets. Ghana remains its most valuable area of operation.The oil and gas industry in Africa is under pressure from declining margins, regulatory shifts, and ESG concerns. Companies like Tullow Ghana Ltd must maintain output while meeting stricter financial and environmental standards.
Tullow is also adapting to digital tools for reservoir mapping and real-time data tracking. These innovations are expected to improve drilling accuracy and reduce risk.The company’s long-term goal is to create sustainable growth from Jubilee and TEN, while improving returns for investors.
