Tullow Oil PLC
7 February 2002
7 February 2002
Tullow Oil plc: Commencement of Oil Production from Espoir Field,
Offshore Cote d'Ivoire
Tullow Oil plc ('Tullow'), and their partners, Canadian Natural Resources
Limited ('Canadian Natural') and PETROCI Holding ('PETROCI') announce that oil
production from the Canadian Natural operated Espoir Field, offshore Cote
d'Ivoire, Africa, commenced on 4th February, 2002 at 8,500 barrels per day from
the first producing well in the development programme.
The production rate will increase over the next several months to 30,000 barrels
of oil per day by the end of the third quarter of 2002 as six more wells are
drilled from the East Espoir wellhead tower in this first phase of development.
Production of associated natural gas is expected to increase to 30 million cubic
feet per day.
Hydrocarbons are processed on the 'Espoir Ivoirien' Floating Production Storage
and Offtake (FPSO) vessel. The oil will be sold directly from the FPSO and the
natural gas will be transported to shore where it is sold for power generation
at Abidjan, the major city of Cote d'Ivoire.
Tullow has a 21.33% equity in the Espoir Field with partners, Canadian Natural
and PETROCI, holding 58.67% and 20% respectively. The Espoir Field has
estimated recoverable reserves of 93 million barrels of oil and 180 billion
cubic feet of natural gas.
The second phase of development, which is currently being planned, comprises the
installation of a second wellhead tower and drilling in the western lobe of the
reservoir. Additional separate satellite prospects are located in Block CI-26,
in close proximity to the Espoir Field, and could also utilise the FPSO
installed at Espoir to process additional production.
Tullow originally acquired an equity interest in the Espoir Field in 1997 and,
along with Joint Venture partners Canadian Natural and PETROCI, progressed
development of the field. This development included the acquisition of seismic,
installation of a wellhead tower and pipelines, procurement and construction of
the FPSO and commencement of the drilling programme. In addition, exploration
drilling will be conducted to fully develop the resource potential of Block
CI-26.
Commenting, Aidan Heavey, Chief Executive, Tullow, said: 'First Oil from Espoir
is a major milestone for Tullow. The Espoir Field and CI-26 Licence constitute
a key value creation area for Tullow and we look forward to further active
exploration and development in this exciting region. Our interest in the Espoir
field is one of the most valuable assets owned by the Company.'
ENDS
Contacts
For Further Information:
Aidan Heavey, Chief Executive Sam Allen/Emma McCaffrey
Tom Hickey, Financial Director Binns & Co PR Ltd
Tullow Oil plc
Tel: 020 7389 0300 Tel: 020 7786 9600 / 07811 151 487
Editor's note
Tullow
Tullow Oil plc, ('Tullow') the independent oil and gas exploration, development
and production company, has long term involvement in Africa. The Company has
interests in Cote d'Ivoire, Egypt and Algeria.
The Espoir production facilities currently comprise an unmanned wellhead
platform with oil and gas processed on a FPSO. The East Espoir oil accumulation
is being developed initially followed by development of the West Espoir within
two years. The Espoir field has a life expectancy of 20 years.
This information is provided by RNS
The company news service from the London Stock Exchange
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