Tullow Oil has signed a rig contract to launch a new offshore campaign of up to ten wells in Ghana in 2027 and 2028. The drillship is expected to join operations around mid-2027, with targets defined using 4D seismic data and an ocean bottom node survey. The company thus aims to extend development efforts on the Jubilee and TEN fields after completing its 2025\u20132026 campaign. The announcement opens a new phase of expenditure and work, but profitability will depend on recovered volumes, costs and the stability of facilities.<\/p>\n
The previous program ended in September 2026. It brought six producing wells and one water injection well on Jubilee into service. An injection well does not produce oil: it helps maintain reservoir pressure and support hydrocarbon recovery. This distinction explains why the number of wells drilled cannot be directly equated with an equivalent increase in production. Each well's function, location and reservoir results determine its contribution.<\/p>\n
Recent performance has strengthened Tullow's confidence in its Ghanaian assets. In the first half of 2026, Jubilee's gross production reached approximately 70,800 barrels per day, of which 27,600 were attributable to Tullow according to its interest. Average gross production at TEN was approximately 14,800 barrels per day, or 8,100 net barrels for the company. These figures are half-year averages and may change with maintenance shutdowns, natural well decline and technical interventions.<\/p>\n
Future locations will be selected using 4D seismic data, which show changes in the reservoir between acquisition campaigns, alongside Ocean Bottom Node data collected by sensors placed on the seabed. Combining these methods can improve subsurface imaging, better identify areas that remain productive and reduce uncertainty before drilling. However, it does not eliminate geological risk: well results remain uncertain until the target is actually encountered and its productivity assessed.<\/p>\n
The announced campaign takes place within a contractual framework that has now been extended. In February 2026, Ghana's Parliament ratified the extension of the West Cape Three Points and Deep Water Tano petroleum agreements, covering Jubilee and TEN, until December 31, 2040. This horizon gives the partners a longer period to recover their investments and plan development interventions. From July 2036, Ghana National Petroleum Corporation's interest in the fields concerned is due to increase by ten percentage points, with private partners reducing their shares proportionately.<\/p>\n
Nevertheless, the drilling contract commits the partners to substantial expenditure before any barrels are produced. The campaign may comprise up to ten wells, but the final number will depend on decisions made as it progresses, study results and available budgets. Offshore drilling depths and the mobilization of a specialized vessel make each well costly. A project of this scale must therefore balance the potential for additional reserves against the need to preserve the operator's cash flows.<\/p>\n
This equation matters for Tullow, which seeks to consolidate its financial position while maintaining production from its main assets. At the end of June 2026, the group reported net debt of approximately $1.4 billion and available liquidity above $250 million. These indicators do not predetermine its ability to finance the campaign, because expenditure is shared with partners and follows a multiyear schedule. However, they underline that project selection and capital discipline will remain central.<\/p>\n
For Ghana, Jubilee and TEN remain major sources of oil and associated gas production. Extending the agreements and drilling new wells can support public revenues, service provider activity and gas supply, provided volumes are actually delivered. The government has also negotiated updated sales terms for Jubilee gas and a payment security mechanism. Monetization of gas from the TEN fields remains under discussion. Well development must therefore be assessed against the country's ability to pay for delivered volumes and maintain receiving infrastructure.<\/p>\n
Operational risks extend beyond the subsurface. Drillships, floating production facilities, subsea equipment and logistics chains must operate in a coordinated manner. The company has also discussed subsea pump projects and interventions aimed at extending Jubilee and TEN resources. These investments can offset natural decline, but their effectiveness will depend on timely commissioning and observed production gains.<\/p>\n
The next milestones will be the vessel's arrival in 2027, confirmation of the number of wells selected and then the results of initial drilling. Net volumes, costs per well, FPSO availability and the pace of gas receivables repayment will provide a fuller picture than program size alone. Tullow is preparing an ambitious campaign to sustain Ghanaian production, but the value of these potential ten wells will be measured by barrels recovered and revenues actually received.<\/p>","protected":false},"excerpt":{"rendered":"
Tullow Oil a sign\u00e9 un contrat d\u2019appareil de forage pour lancer une nouvelle campagne offshore pouvant compter jusqu\u2019\u00e0 dix puits au Ghana en 2027 et 2028. Le navire…<\/p>","protected":false},"author":1,"featured_media":8904,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_lmt_disableupdate":"","_lmt_disable":"","page_builder":"","footnotes":""},"categories":[5,676],"tags":[3496,587,929,3420,337],"class_list":["post-8905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite","category-petrole","tag-forage-offshore","tag-ghana","tag-jubilee","tag-ten","tag-tullow-oil"],"yoast_head":"\n