In a significant development for Ghana's oil sector, Tullow Oil has begun selling crude from its Jubilee and TEN fields to a local refinery. The company's Chief Financial Officer, Richard Miller, confirmed that the first cargo was sold earlier this year to Sentuo Oil Refinery, a privately owned refinery operating in Ghana. This marks a departure from the usual practice of exporting crude for refining abroad. The sale is seen as a major achievement, reflecting government efforts to improve local refinery operations.
The arrangement is a purely commercial transaction, with mechanisms in place to secure a favourable refinancing package to support the initiative. Miller described the development as "a fantastic achievement" considering Ghana's oil sector history. He credited government efforts to enhance local refinery operations and noted Sentuo Oil Refinery's growing role in the domestic crude market. The refinery has become one of the more active buyers of crude not just from Tullow but from other partners producing at Ghana's offshore fields.
Ghana's offshore fields, including Jubilee, TEN, and the Sankofa Gye Nyame (SGN) field, have produced 663.8 million barrels of crude since production began at Jubilee in 2010. Despite this output, Ghana has traditionally exported the bulk of its crude while importing refined petroleum products to meet domestic demand. Successive governments have sought to close this structural gap. Crude production from the three fields peaked at 71.44 million barrels in 2019 before declining to 37.30 million barrels in 2025.
The domestic refining arrangement means some of the crude pumped from Ghana's waters no longer has to leave the country before returning as finished fuel. This development could, over time, strengthen the link between local oil production and the petrol, diesel, and other products sold at the pump. However, neither Tullow nor other sources indicate any immediate effect on fuel prices. The shift is expected to add value to Ghana's oil production and reduce dependence on imported refined products.
Tullow expects to lift 14 crude cargoes in 2026 — 11 from Jubilee and three from TEN — an increase of two Jubilee cargoes over the guidance issued in November 2025. The company delivered six cargoes in the first half of the year and plans a further eight in the second half. Tullow aims to improve performance and deliver a stronger turnaround by year-end. The company did not provide a timeline for additional cargo sales to Sentuo Oil Refinery or other local refineries.
The sale of crude to Sentuo Oil Refinery marks a significant milestone in Ghana's oil sector. It demonstrates the growing capacity of local refineries to process crude and meet domestic demand for refined products. The development is also expected to contribute to the growth of Ghana's economy by retaining more value within the country. Further details on the arrangement and future plans are awaited.
The move is part of a broader effort to maximize the value of Ghana's oil resources. With crude production declining in recent years, there is a growing need to extract maximum value from the country's oil fields. The sale of crude to local refineries is seen as a key strategy in this regard. It is expected that this development will be closely watched by stakeholders in Ghana's oil sector.
Key points
- Tullow Oil sells first cargo of Jubilee and TEN crude to Sentuo Oil Refinery.
- The sale marks a shift in Ghana's oil refining landscape, with crude being refined locally for the first time.
- The arrangement is expected to add value to Ghana's oil production and reduce dependence on imported refined products.
