Tullow eyes Jubilee expansion

Ghana joy: Tullow talks Jubilee expansion.

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By News Wires

 06 October 2010 16:15 GMT

Tullow Oil, the UK explorer that will produce its first oil in Ghana this year, plans to decide on the Jubilee field production expansion off the African country’s coast in next year and 2012.



The company is targeting about 370 million barrels of reserves with the Jubilee phase 1 development, said Tullow exec Ian Springett.

The Jubilee total reserves are estimated between 500 million and 700 million barrels of oil.

Phase 1a will target about 80 million barrels and “we are working on that right now” with a possible investment decision to be made next year, Springett said today at RBC Capital Markets Oil and Gas Conference in London.

A more extended phase, 1b, will be sanctioned in late next year or early 2012, he said…

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