Tullow said Phase 1A of the Jubilee field off the coast of Ghana started production. The company said Tuesday the first phase there is producing 16,500 barrels of oil per day. Tullow said the phase is one of five planned to be completed by the middle of next year.
Ghana is emerging as a regional energy powerhouse. The country shipped its first delivery of oil from the giant offshore Jubilee field in January.
Tullow said that elsewhere in Ghana it encountered what the company described was a low net-to-gross bearing reservoir in the Okure-1 exploration well. The site wasn't connected to other reservoirs in the discovery area.
Also Tuesday, Tullow said it was planning to sell assets in the southern waters of the North Sea. Assets there have yielded about 18,000 barrels of oil equivalent per day.
The company also said it was acquiring Norwegian explorer Spring Energy, which holds 28 licenses on the Norwegian continental shelf, in a deal valued at $372 million.
With the new growth in Africa and Norway, Tullow Chief Executive Officer Aidan Heavey said diversification was key to Tullow's future.
"Active portfolio management is a key part of Tullow's exploration-led strategy," Heavey said in a statement.
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