Sentuo Oil buys first Jubilee and TEN Crude Cargo from Tullow
- Sentuo Oil Refinery has strengthened its position in Ghana’s crude oil market after buying the first locally sold cargo from Tullow Oil’s Jubilee and Tweneboa, Enyenra and Ntomme (TEN) fields.
The deal is a major step towards increasing domestic refining of Ghanaian crude oil.
It also strengthens the link between Ghana’s upstream oil production and downstream petroleum sector.
Tullow said the first cargo under the new arrangement was sold to Sentuo Oil Refinery earlier this year.
The transaction gives Tullow a new local market for crude produced from Ghana’s offshore oil fields. It also provides Sentuo with access to locally produced crude for its refinery operations.
Tullow Chief Financial Officer Richard Miller disclosed the development during a virtual engagement with investors following the company’s half-year results.
He highlighted Sentuo’s growing role in Ghana’s crude oil 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,” Mr Miller said.
Mr. Miller described the first local sale as an important milestone for Ghana’s oil industry.
“This is a fantastic achievement looking at what has happened in Ghana’s oil sector over the years,” he said.
He explained that the transaction was completed on commercial terms.
Tullow has also put financing arrangements in place to support the initiative and make future transactions easier.
“The sale was conducted on a purely commercial basis, and we have put mechanisms in place to ensure a favourable refinancing package that supports the initiative,” he stated.
Mr. Miller also commended government efforts to improve the operations of Ghanaian refineries.
The measures, he said, could help increase local participation in the petroleum value chain.
The sale of Ghanaian crude to local refineries could also reduce dependence on imported feedstock. It could further support efforts to expand domestic refining capacity.
Meanwhile, Tullow Oil has increased its crude lifting forecast for 2026.
The company now expects to lift 14 crude cargoes this year.
Of the 14 cargoes, 11 are expected from the Jubilee field and three from the TEN fields.
The revised forecast is two Jubilee cargoes higher than Tullow’s initial guidance issued in November 2025.
Tullow lifted six cargoes in the first half of 2026 and expects to lift another eight cargoes in the second half.
The company also expects ongoing operational improvements to strengthen its performance and support a stronger turnaround by the end of the year.
For Ghana, the local sale of Jubilee and TEN crude provides another market for domestic oil production.
It also brings Ghana’s upstream oil production closer to its downstream refining industry, supporting efforts to process more locally produced crude within the country.
About The Author
GoldBod sets US$1.2bn forex target after generating US$1.011bn in October 
Public sector workers secure 9% remuneration increase in 2027, 10% base pay rise in 2028 
Tema Oil Refinery creates 1,657 jobs, engages over 6,500 workers – Edmond Kombat 
GRA apologises to Say Cheers over misleading tax claims 
Crude Oil rises to $126.73 despite falling global petrol and diesel prices 
New dawn, new era for NDC Youth wing in Volta – Kwame Asiemoah declares in victory message 
Hamile restrictions without defined timeline could heighten tensions – FOSDA 
FOSDA calls for immediate lifting of Hamile curfew, speedy investigation and restoration of livelihoods