Tullow Oil has commenced selling crude from its Jubilee and Tweneboa, Enyenra, and Ntomme (TEN) fields to refineries in Ghana, marking a significant step in the country’s push to process its own crude domestically rather than export raw barrels and import finished petroleum products.
The company disclosed that the first cargo was sold earlier this year to Sentuo Oil Refinery, Ghana’s first privately owned refinery located in the Tema Industrial Area. The development was announced by Tullow Chief Financial Officer Richard Miller during a virtual meeting with investors on the company’s half-year results.
Mr. Miller described the development as a significant achievement for Ghana’s oil sector. “This is a fantastic achievement looking at what has happened in Ghana’s oil sector over the years,” he said, explaining that the sale was conducted purely on a commercial basis. He also noted that mechanisms had been put in place to ensure a favourable refinancing package to support the initiative, and praised the government for initiatives to improve refinery operations in Ghana.
Mr. Miller further highlighted the growing role of Sentuo Oil Refinery in Ghana’s crude market. “Sentuo Oil has become one of the prolific buyers of crude not only from Tullow Oil alone but also from other partners on Ghana’s oil fields,” he stated.
Tullow Targets 14 Cargoes in 2026
In its half-year results, Tullow said it expects to lift 14 cargoes in 2026. Eleven of the cargoes are expected from the Jubilee field, while three will come from the TEN fields. The revised outlook represents an increase of two Jubilee cargoes compared with the company’s initial guidance issued in November 2025.
Tullow delivered six cargoes during the first half of the year and plans to lift a further eight cargoes in the second half. The company also expects the measures currently being implemented to improve its performance and support a stronger turnaround by the end of the year.
The company reported strong operational performance for the first half of 2026, with group working interest oil and gas production reaching 43,700 barrels of oil equivalent per day, up more than 7% from the same period in 2025. Revenue stood at $496 million, with a realised oil price of $95.0 per barrel before hedging. Tullow raised its 2026 free cash flow guidance to between $170 million and $250 million, from a prior range of $70 million to $175 million, reflecting better production performance, stronger oil-price realisations, and progress in collecting amounts due from the Government of Ghana.
Background: The Jubilee and TEN Fields
The Jubilee field was discovered in 2007 by Tullow and its joint venture partners in the Gulf of Guinea’s Tano Basin, approximately 60 kilometres offshore western Ghana in water depths ranging from 875 to 1,515 metres. Tullow was appointed as the Jubilee field Operator in October 2008, and first oil was achieved in November 2010 — just 40 months after the first discovery well — bringing Ghana its first major oil production.
Jubilee crude is a light, sweet crude oil with an API gravity of 37.4–37.6°, classifying it as a high-quality crude that is well-suited for refining. The TEN fields — Tweneboa, Enyenra, and Ntomme — were discovered in 2009, with first oil achieved in August 2016.
In February 2026, Ghana’s Parliament ratified the extension of the West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover both the Jubilee and TEN fields, extending them to 31 December 2040. Tullow operates the Jubilee field with a 38.98% interest and the TEN fields with a 54.84% interest.
Gross production from Jubilee averaged approximately 60,900 barrels of oil per day in 2025, with TEN delivering about 16,000 barrels per day. Production from the Jubilee field has since risen to approximately 85,000 barrels per day following successful drilling campaigns and production optimisation activities.
Sentuo Oil Refinery: Ghana’s Private Refining Champion
Sentuo Oil Refinery, located in the Tema Industrial Area, is Ghana’s first privately owned refinery, built by Chinese investors at a cost of $1.98 billion. The refinery was commissioned in early 2024 and resumed operations in December 2025 after years of inactivity. It currently processes about 40,000 barrels per stream day under its first phase.
In June 2026, President John Dramani Mahama broke ground for the Phase 2 expansion of the Sentuo Oil Refinery, which is expected to increase the facility’s capacity from 40,000 to 100,000 barrels per day. The expansion is financed through a $200 million loan coordinated by Ecobank Ghana. Upon completion, employment levels at the refinery are expected to move from 700 to about 1,500.
The first-ever delivery of Jubilee crude to Sentuo for local refining occurred in June 2026, when approximately one million barrels of Jubilee crude were delivered for domestic processing. President Mahama described the expansion as “not merely an investment in infrastructure; it is an investment in Ghana’s future,” adding that “by increasing domestic refining capacity, we reduce our dependence on imported petroleum products, strengthen our fuel supply chains, and retain more value within our economy.”
National Policy: A Push for Domestic Refining
The sale of Jubilee crude to local refineries is part of a broader government agenda to strengthen the link between Ghana’s upstream petroleum production and downstream refining. Ghana plans to meet approximately 70% of its domestic refined petroleum product needs through local processing, reducing its reliance on imports that cost the country $4.36 billion in 2025.
The initiative came at a time when global crude supply chains continue to face pressures from geopolitical uncertainty and market volatility. Transportation of crude from Ghana’s offshore fields to Tema for local refining presents a commercially attractive option compared to sourcing crude feedstock from overseas markets.
Ghana’s three major offshore developments — Jubilee, TEN, and the Sankofa-Gye Nyame (OCTP) fields — collectively produce roughly 183,000 to 186,000 barrels of crude per day.
Challenges and the Path Ahead
Despite the progress, challenges remain. A central issue is the currency mismatch facing local refineries: they purchase crude in foreign currency but sell refined petroleum products on the domestic market in Ghana cedis. This creates an additional foreign exchange burden for refiners.
Parliament’s Select Committee on Energy has signalled a review of foreign-currency payments for locally sourced crude oil, following an engagement with Sentuo Oil Refinery in September 2026. Committee Chairman Emmanuel Kwasi Bedzrah said Parliament would examine the issue alongside proposed changes to the National Petroleum Authority legislation and the Petroleum Revenue Management legislation.
Sentuo Group Executive Chairman and President Xu Ningquan has questioned the rationale for requiring dollar payments for crude used to produce petroleum products for Ghana’s domestic market, arguing that policies should better support local value addition.
President Mahama has directed the Minister for Energy and Green Transition to consider paying for Ghana’s locally produced crude oil in cedis instead of dollars, a move that would require legislative amendments to the Petroleum Revenue Management Act and the Petroleum Holding Fund framework.
Industry Significance
The sale of Jubilee crude to a local refinery provides another commercial channel for Ghana’s domestically produced crude and strengthens the link between upstream production and domestic refining. Under the commercial arrangement facilitated by Ghana’s Ministry of Energy and Green Transition and Tullow Ghana, crude oil from the Jubilee field was made available to Sentuo Oil Refinery for processing into refined petroleum products for the Ghanaian market.
The arrangement was made possible through Tullow’s longstanding commercial relationship with global commodities company Glencore, the exclusive marketer of Tullow’s crude oil entitlement.
Minister for Energy and Green Transition Dr. John Abdulai Jinapor commented: “This achievement demonstrates the power of collaboration and what can be accomplished when government and industry work together in pursuit of a common national objective. A stronger domestic refining industry enhances fuel supply reliability, reduces exposure to international supply shocks, improves foreign exchange retention and creates employment opportunities across the petroleum value chain.”
Tullow Managing Director Jean-Medard Madama added: “This initiative reflects our commitment to supporting the development of Ghana’s energy sector beyond upstream production. Facilitating access to locally produced crude for domestic refining helps strengthen the links across the petroleum value chain while contributing to energy security, industrial growth and long-term value creation for the country.”
About Tullow Oil
Tullow Oil plc is an independent energy company focused on responsible oil and gas development in Africa, with its operations centred on its core producing assets in Ghana — the Jubilee and TEN fields. The company is quoted on the London and Ghanaian stock exchanges (symbol: TLW). Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations.
