Tullow Oil PLC spends $30M on social investments

Tullow Oil PLC in effort to impact societies in the Western Region that it operates, has invested an amount of US$30 million over the years to change and transform lives of the indigenous people.
The Corporate Social Responsibility (CSR) of Tullow has impacted approximately 240,000 people in communities in the region.
An average of 39 boreholes had been drilled so far alongside support in education, health and enterprise development in communities that are directly impacted by Tullow operations.
Ms Cynthia Lumor, the Director for External Affairs and Social Performance made this known during a press briefing yesterday in Accra.
She added that the oil company will continue to provide support to the communities in the region in order to have their fair share of the natural resource.
Paul McDade, Chief Executive Officer (CEO) of Tullow Oil PLC also announced that through a joint venture partners it expected to spend over US$500 million of capital in Ghana this year.
According to him, Tullow Oil PLC made a revenue of US$1.723 million in 2017 as against US$1.270 million in 2016 and cash flow also for 2017 was US$543 million.
“Tullow performaned very well during 2017 both operationally and financially and this strong performance is continuing in 2018,” he added.
He noted that the company due to the strong financial and operational performance in recent times, Tullow has been able to reduce it overall debt by around a third, which places the company in a robust financial footing.
International Tribunal for the Law of the Sea (ITLOS) ruling on Ghana and Cote d’Ivoire territorial waters conflict last year has boast their confidence to focus on the full development of the jubilee field.
“To achieve this, Tullow has mobilised the Maersk Venture rig which commenced drilling early in 2018. Two wells have already been drilled and third well is ongoing. Production from the first well at TEN is expected to commence early in the 2nd half of the year.
“Second rig is currently being considered by the partnership to further accelerate product and cash flow,” Mr. McDade stated.
He further disclosed the oil giant focal plan to make exploration advance on the African continent by indicating discoveries of oil made in Uganda and Kenya.
Currently, Tullow has gained license to make exploration in Cote d’Ivoire, a situation he says would not conflict with its operations in Ghana. However, it yet to make any oil discovery.
He state Tullow has also developed an attractive three-year exploration campaign, which includes opportunities in Ghana, Côte d’Ivoire, Namibia, Guyana, Suriname and Mauritania.
Managing Director of Tullow Ghana further stayed that the company has spent a total of US$12.5 billion on both Jubilee ($8 billion) and TEN (4.5billion) oil fields and produces from 200,000 barrons of oil per day (bopd).
Mr. Awotwi indicated Jubilee and TEN oil fields alone contribute 6% of the country’s total Gross Domestic Product (GDP) while it has spent a sum of US$14.28 billion total contracts awarded to both international and local companies.

Source: Derrick Baafi