Tullow gets go-ahead for Ghanian oil field

Tullow Oil, one of the largest independent oil and gas exploration companies in Europe, has had the first phase of the development plan for its Jubilee field formally approved by GhanaÔÇÖs energy minister, it announced today. The London, UK-based company says the project is due to deliver its first oil next year. The field will be developed with a floating, production, storage and offtake vessel (FPSO) and will reach a plateau crude rate of 120,000 barrels of oil per day, the company said. Tullow operates the Jubilee licence with a 34.7 per cent interest. Other partners include Kosmos Energy, Anadarko Petroleum and Sabre Oil & Gas. Commenting today,┬áPaul McDade, chief operating officer, said: ÔÇ£Receiving┬áformal┬áapproval┬áfrom the Government of┬áGhana┬áis an┬áimportant milestone for the Jubilee Phase 1 development┬áand supports our decision to fast-track the project early in 2008.┬á  ÔÇ£By securing rig capacity and commencing the construction and drilling phases in advance, Tullow┬áis confident that it will┬ádeliver first oil from this deepwater project just┬áover┬áthree years┬ásince┬áthe first discovery well was drilled."┬á *┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á *