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Tullow Oil credits Ghana for success

May 9, 2013 at 8:02 AM

LONDON, May 9 (UPI) -- Oil production from Ghana is expected to contribute to what Tullow Oil company said should be an exciting and busy rest of the year.

Tullow said field production from the Jubilee field offshore Ghana was in line with expectations with an average of 104,000 barrels of oil per day year-to-date.

Ghana, through a European development fund, receives $588 million in financial support through 2013. It is emerging as a regional energy giant with the help of Tullow's offshore campaign.

Oil companies ranging from Italy's Eni to U.S. explorer Hess Corp. have announced recent successes offshore Ghana. French supermajor Total said a discovery offshore Ivory Coast might be connected to the basin housing Jubilee.

Tullow said a test of its floating production, storage and offloading associated with the field indications a capacity for more than 125,000 bpd.

Strong production from Jubilee is supporting Tullow's financial performance.

"Year-to-date financials are in line with expectations," the company said in a statement. "The remainder of 2013 will be a busy and exciting time for Tullow."

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