Tullow Invests $250m In Ghana

The multiple award-winning company is keen on further exploring in Ghana both around its current assets and new licences via the country’s inaugural Licensing Bid.

In its quest to realize this goal, Tullow has committed its long-term reflection of the group’s investment on a two-rig drilling programme that has delivered good results at both Jubilee and TEN Fields.

At a recently held media briefing which focused on three thematic areas-Operational and finance update, new capital returns policy and dividends payment, Tullow Ghana Limited TGL announced Kweku Andoh Awotwi as Executive Vice President of the bigger group.

Chief Finance Officer, TGL Les Wood, said Tullow has maintained strong financial performance despite price volatility and had since 2017 and 218 invested $200 million and $400 million respectively, adding that $67 million is expected to be paid to shareholders in 2019.

“We are looking forward to complete drilling its third well by the close of this year, with the $250 million investment it injecting into the system,” said Wood.

Mr. Awotwi pointed out that TGL is optimistic about its future in Ghana.

TGL’s Director of External Affairs, Social Performance Local Content, Cynthia Lumor, stated that “Tullow Ghana is now a standalone business, which reflects its maturity and materiality to the Tullow Group.”

According to her, for the first time in many years, they are giving dividends of $100 million annually to shareholders, as the board has approved payment for 2018 and this year.

She said TGL’s core target toward Ghana will continue to be focused on prosperity, social economic investment local content aspirations and achievements, localization and development.

TGL Chairman, Ike Duker, said the company was focused on growth through increased production, resources and investment in Jubilee and TEN fields, adding that they are also bidding for Exploration Block ‘3’ in Ghana’s inaugural Licensing Bid Round.