Tullow
Tullow Oil plc (Tullow) has announced that the Ghanaian Parliament has ratified the extension of its West Cape Three Points and Deep Water Tano Petroleum Agreements, covering the Jubilee and TEN fields.
The agreements have now been extended until 31 December 2040. From 20 July 2036, the Ghana National Petroleum Corporation’s (GNPC) share in the fields will increase by an additional 10 percent, with the joint venture partners’ shares reduced proportionally.
Under the revised terms, Tullow and its joint venture partners have secured gas supply arrangements from the Jubilee field at an escalating price of $2.50 per mmbtu until the end of the extended period.
A gas payment security mechanism and preliminary terms for potential supply from the TEN fields have also been agreed with the Government of Ghana.
Ian Perks, CEO of Tullow Oil, said the ratification “secures our long-term operating position, providing a runway for responsible resource development and a stable investment environment.” He added that the agreement reflects “excellent collaboration” between the joint venture partners and the government
