Jubilee partner, Tullow Oil Plc is reported to have agreed to buy the offshore interests of fellow Jubilee partner, the EO Group Limited for 305 million dollars in cash and shares. Tullow by this, is increasing its stake in the field. According to a statement from the company, the acquisition will boost its interest in the West Cape Three Points license by 3.5 percentage points to 26.4 percent, and the Jubilee oil field by 1.75 percentage points to 36.5 percent. Chief Executive Officer Aidan Heavey said the purchase further demonstrates Tullow’s long-term commitment to Ghana. Tullow’s second deal of the week follows the 424 million dollars purchase of Nuon Exploration and Production BV, boosting its North Sea output by 70 percent. Jubilee, which is operated by Tullow, pumps about 70,000 barrels of oil a daily after production started last year. Tullow’s other partners in Jubilee are Kosmos Energy, Anadarko Petroleum and the Ghana National Petroleum Corporation. Jubilee, which was discovered in 2007, is expected to produce the equivalent of 120,000 barrels a day by mid-year and has potential resources of about 1.8 billion barrels. The West Cape Three Points block contains other assets that Tullow plans to develop. Source: Joy Business/Ghana