UK-based oil explorer Tullow Oil said it was targeting production of 120,000 barrels of oil per day in the first phase of its Jubilee field in Ghana and that further stages could lift output to 250,000 bpd.

Tullow Oil said reserves could be as much as 1.8 billion barrels and that it was on track for first oil in 2010.

"You could be producing north of a quarter of a billion barrels a day from this," Chief Financial Officer Tom Hickey told Reuters in an interview on Wednesday.