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Africa part of 'exciting' future for Tullow Oil

  |   Feb. 13, 2014 at 6:39 AM
LONDON, Feb. 13 (UPI) -- Aidan Heavey, chief executive officer for Tullow Oil, said his company has ambitious plans for its oil operations in Africa this year.

Heavey said Wednesday his company is looking to add 200 million barrels of oil equivalent to its portfolio in what should be an "exciting year" for Tullow.

"An ambitious exploration and appraisal program is planned for 2014 which is targeting opportunities in our core plays in Africa," he said in a statement.

Operations in Kenya, the company said, got a boost last year when the government there supported further development following the discovery of at least 600 million barrels of oil. Already this year, the Ugandan government signed a memorandum of understanding to develop the Lake Albert basin, which has a target output of 200,000 barrels of oil per day.

In Ghana, the company said it was discussing with the government development plans for the giant Jubilee field, which Tullow estimates could produce more than 125,000 barrels of oil per day.

The Tweneboa-Enyenra-Ntomme should deliver its first oil by 2016. At its peak, it is expected to produce about 80,000 bpd. Tullow said Wednesday, however, it was selling of some of its interest in the project but would stay on as the operator.

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