The Managing Director for Tullow Ghana, Wissam Al Monthiry, has reiterated Tullow’s intent and commitment to continue investing in Ghana through its ambitious Ghana Value Maximisation plan.
Under the plan, Tullow and its partners will invest over US$4billion over the next 10 years to maximise value from the Jubilee and TEN assets and deliver consistent revenue to the government of Ghana and value to the nation.
Tullow’s initial analysis suggests that the benefits to Ghana from this investment programme will be substantial, manifested through a combination of oil entitlements, government royalties, oil company tax payments and gas sales. This substantial benefit to Ghana highlights the continuing contribution of the oil & gas industry to Ghana’s economy.
Mr. Al Monthiry was speaking at the opening of the Ghana pavilion at the Offshore Technology Conference underway at the NRG Centre in Houston, Texas.
Acknowledging the government of Ghana’s conscientious efforts at attracting investment into the country, Mr. Al Monthiry said Tullow Ghana’s participation in the Ghana delegation to the conference is an indication of the company’s support for the government’s agenda to showcase investment opportunities in the oil and gas sector, and the forward-looking policies that are catalysts for investor participation in Ghana’s oil and gas industry.
“There is no doubt that Ghana is blessed with enormous potential; this, combined with an enabling environment, good governance, stability and respect for the rule of law, makes Ghana a desirable destination for investment,” said Mr. Wissam Al Monthiry.
Mr. Al Monthiry also touched on Tullow’s goal to achieve a Net carbon zero status across its footprint by 2030. He said the company recognises the need for sustainable production and development in order to minimise environmental impact.
He noted government’s clear indication, through the Ministry of Energy and sector institutions, to ensure an efficient and effective sector and promised that Tullow will take up its responsibilities as lead operator in Ghana’s oil and gas sector, and adhere to a partnership with government that sustainably and efficiently harnesses mutual value.
Opening the Ghana pavilion, Minister of Energy and leader of the Ghana delegation to the conference, Dr Matthew Opoku-Prempeh, said Ghana’s upstream petroleum sector is now totally de-risked and ready for more investments. He acknowledged current sector participants, including Tullow Oil, and further called for increased investment in the downstream sector to promote the domestic use of gas in Ghana.
“We are here not only to tell the world about our flourishing Upstream Industry, but also create awareness about opportunities in our downstream industry.”
Tullow Ghana is part of the companies attending this year’s OTC as part of the Ghana delegation. Tullow Oil is a well-established oil and gas company focused on Africa. Tullow’s focus is on producing low-cost oil and gas in a safe, efficient and environmentally and socially responsible way. The Group is committed to generating material value for host countries, creating local business opportunities, building a compelling proposition for investors and providing a great place for employees to work.
Tullow’s portfolio includes over 40 licences in 11 countries – including Ghana where it operates the Jubilee and TEN fields. The Group produces around 60,000bopd of net production from its operated fields in Ghana and its non-operated fields in Gabon and Côte d’Ivoire.