Save 20% off! Get our Magazines and get 20% off right away!

Tullow, partners set up ‘Decommission fund’ for Jubilee Field

Tullow Ghana, the Jubilee field’s Unit Operator, and its partners – Ghana National Petroleum Corporation, Kosmos Energy, Kosmos Energy Ghana Investment, PetroSA, and GNPC Explorco – have signed an agreement to create a Decommissioning Trust Fund for the Greater Jubilee Field.

The establishment of this fund represents an important turning point in the management of the offshore field, setting a precedent for future decommissioning activities in the country.

Using the global standard for responsible oil production, the decommissioning process will include dismantling and removing important infrastructure, including FPSOs, seabed flowlines, manifolds, suction piles, and wellheads, per industry best practices.

The Petroleum Agreements signed with the Jubilee partners stipulates that a decommissioning fund will be established once 50% of the field’s resources have been depleted.

Deputy Managing Director of Tullow Ghana, Cynthia Lumor, at the signing ceremony, highlighted the significance of collaboration and responsible stewardship in managing the decommissioning process.

“This is evidence of great collaboration in action over the last few years. As a responsible operator and partner, the decommissioning process is something we take very seriously as part of our licence to operate. The field still has time left for its resources to be harnessed but beyond that, we consider today’s ceremony very pivotal to the next stage of the field’s management. Tullow Ghana is committed to meeting its obligations to the fund in order to ensure environmental sustainability of the field.”

In his remarks, Energy Minister Dr. Matthew Opoku Prempeh described the fund’s formation as a triumph of commitment and persistence. He complimented the Bank of Ghana’s trusteeship, emphasising its importance as a paradigm for future decommissioning operations in Ghana’s energy industry. The minister restated his commitment to rehabilitating harmed lands and assets after the field’s production cycle was over, demonstrating the government’s commitment to environmental preservation and sustainable development.

Source: Energy Ghana