- Tullow Ghana, operator of the Jubilee Field, along with its partners, have signed a groundbreaking agreement to establish a Decommissioning Trust Fund.
- The fund will finance the safe decommissioning of the field at the end of its lifespan
- A dedicated team, including representatives from partners, government ministries, and legal experts, worked together to finalize the agreement.
Landmark agreement ensures responsible management of resources and environmental sustainability.
Tullow Ghana, operator of the Jubilee Field, along with its partners, have signed a groundbreaking agreement to establish a Decommissioning Trust Fund. This move marks a significant step towards responsible resource management in Ghana’s energy sector.
Planning for the Future
The fund will finance the safe decommissioning of the field at the end of its lifespan. This includes dismantling and removing key infrastructure like FPSOs and wellheads, following best practices. This initiative aligns with international standards and sets a precedent for future decommissioning efforts in Ghana.
Collaboration is Key
A dedicated team, including representatives from partners, government ministries, and legal experts, worked together to finalize the agreement. The Bank of Ghana will act as the trustee, safeguarding the fund and ensuring resources are available for decommissioning when needed.
Shared Responsibility
Tullow Ghana’s Deputy Managing Director, Cynthia Lumor, emphasized the importance of collaboration and responsible stewardship. She reaffirmed Tullow’s commitment to fulfilling their obligations to the fund, ensuring environmental sustainability for the field.
Governmental Support
Energy Minister Dr. Matthew Opoku Prempeh praised the agreement, highlighting its significance and the Bank of Ghana’s role as a model for future projects. He further committed to restoring affected areas after decommissioning, reflecting the government’s dedication to environmental protection and sustainable development.
