According to the Tullow’s CEO, Aidan Heavy , the company is also focused on operational efficiency and the Jubilee compressor issue has been resolved ahead of schedule.
“With production back to normal at Jubilee, we expect to meet our full year production guidance. Looking forward, we plan to further deleverage the business as we look at non-core assets and our retained equity in our major developments,” he said.
Tullow Oil announced that it had suspended gas export from the Jubilee field to the Ghana Gas plant at Atuabo since July 3, due to technical issues with gas compression systems on the FPSO Kwame Nkrumah. The company stated that by mid August the issue would be resolved.
Oil production at the field is currently constrained to approximately 65,000 barrels per day (bopd) and is under constant review, but there is no effect on the field’s reservoir or resources, Tullow said in a statement.
Oil production at the Jubilee field began in December 2010.
According to Ghana’s Ministry of Finance, the field has produced more than 37 million barrels of oil in 2014, more than it did in 2013.
The Ministry has indicated that the total crude oil produced from the Jubilee Field in 2014 was 37,201,691 barrels, that is 101,976 barrels of oil per day (bopd), compared with a budget estimate of 33,955,644 barrels (93,029 bopd) and the 2013 output of 35,587,558 barrels (99,685 bopd).
The Ghana National Petroleum Company (GNPC), the Ministry noted, lifted eight crude oil cargos of 7,681,120 barrels from the Jubilee Field. This compares with seven crude oil liftings totaling 6,793,449 barrels in 2013.
By Emmanuel K. Dogbevi