Mr Charles Darku, Managing Director of Tullow Ghana Limited, has said local businesses would soon see a revival, in spite of the numerous business hiccups being experienced with regards to oil production and price fluctuations.
He said the company had put in place a remedial plan to ensure that the Jubilee Turret problem was solved, whilst the interim spread-mooring arrangement had been made to stabilise the Jubilee FPSO to aid in high levels of production.
The Managing Director said: “We see ourselves doing well next year to revive local industries.”
He was speaking at a media engagement, organised by the company for journalists in the Western Region to update them on the operational performance of both the Jubilee Oil Field and TEN projects.
On the Jubilee Field, he said, the field continues to deliver full year gross production forecast of 73.5kstb/d and 10.9 billion scf of gas exported, whilst Ghana Gas gets up to 120mm scfd daily.
He said a comprehensive plan had also been developed for further exploration and drilling in 2018 to extend and increase reserves.
Meanwhile, 11 out of 34 proposed wells have been drilled within the TEN plan, and the field also commenced gas exports to replace jubilee gas during the flare shutdown.
The Managing Director said bringing the TEN project on stream would help the company build a high margin and a long life cash flow, and that the Jubilee Turret remediation project would also ensure a long term solution.
The company, with the TEN gas infrastructure complete, would closely collaborate with Ghana National Gas Corporation, the Volta River Authority and Ghana Grid Company (GRIDco) to optimise gas supply and usage.
Mr Darku said state-of-the-art metering systems had been acquired to ensure improved recordings of any off take, whilst Ghana Revenue Authority (GRA) staff have also been assigned on the FPSO to ensure access to information in lifting in real time.
Mr Darku said about 77 per cent of planned procurements would be done with indigenous and joint venture companies to act as a boost once again to the local economy, adding that the company has worked to develop local capacity in the value chain.
In the area of social support, the company would strengthen the capacity of indigenes through Science, Technology, Engineering and Mathematics, strengthen local economy, and collaborate with stakeholders on shared infrastructure.