Kweku Awotwi briefing the media
The multiple award-winning company is keen on further exploring in Ghana both around its current assets and new licences via the country’s inaugural Licensing Bid.
In its quest to realize this goal, Tullow has committed
its long-term reflection of the group’s investment on a two-rig drilling
programme that has delivered good results at both Jubilee and TEN Fields.
At a recently held media briefing which focused
on three thematic areas-Operational and finance update, new capital returns
policy and dividends payment, Tullow Ghana Limited TGL announced Kweku Andoh
Awotwi as Executive Vice President of the bigger group.
Chief Finance Officer, TGL Les Wood, said
Tullow has maintained strong financial performance despite price volatility and
had since 2017 and 218 invested $200 million and $400 million respectively,
adding that $67 million is expected to be paid to shareholders in 2019.
“We are looking forward to complete drilling
its third well by the close of this year, with the $250 million investment it
injecting into the system,” said Wood.
Mr. Awotwi pointed out that TGL is optimistic
about its future in Ghana.
TGL’s Director of External Affairs, Social
Performance Local Content, Cynthia Lumor, stated that “Tullow Ghana is now a
standalone business, which reflects its maturity and materiality to the Tullow
Group.”
According to her, for the first time in many
years, they are giving dividends of $100 million annually to shareholders, as
the board has approved payment for 2018 and this year.
She said TGL’s core target toward Ghana will
continue to be focused on prosperity, social economic investment local content
aspirations and achievements, localization and development.
TGL Chairman, Ike Duker, said the company was focused on growth through increased production, resources and investment in Jubilee and TEN fields, adding that they are also bidding for Exploration Block ‘3’ in Ghana’s inaugural Licensing Bid Round.
A business desk report PC
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