The government of Ghana has formally approved exploration company Tullow Oil's plan to develop the phase one of its Jubilee field.
Tullow says the project is on track to deliver its first oil in the second half of next year.
Tullow's initial equity interest in the Jubilee area, which it will operate, is 34.7%. Other interests are Kosmos Energy (23.5%), Anadarko Petroleum (23.5%), Sabre Oil & Gas (2.81), EO Group (1.75%) and the Ghana National Petroleum Corporation (13.75%).
The agreement provides for changes to these stakes as further data from the field become available.
Tullow chief operating officer Paul McDade said the approval was an important milestone for the development and supported Tullow's decision to fast-track the project early in 2008.
