Bloomberg News

Ghana’s Jubilee Producing 70,000 Barrels a Day, Tullow Says

May 03, 2012

Output from Ghana’s Jubilee oil field is now at 70,000 barrels of oil equivalent per day, with production expected to reach an average of 90,000 barrels this year, Tullow Oil Plc (TLW) Chief Executive Officer Aidan Heavey said.

The installation of new equipment “will allow us to achieve plateau production in 2013,” he said today in an interview at a shareholders’ meeting in Accra, the capital.

Tullow, the field’s operator, will “resume its build-up towards the FPSO’s designed capacity of 120,000 barrels a day in 2013,” he said, referring to the floating production, storage and offloading vessel used at the offshore field.

The Jubilee field, discovered in 2007, turned Ghana into an oil exporter when output began in late 2010. Technical problems at the site meant production targets last year were missed, with total output averaging 78,200 barrels of oil equivalent a day, below a forecast of 79,000 to 81,000 barrels.

Tullow’s stock gained 0.7 percent to 1,554 pence by 4:03 p.m. in London. In Accra the shares were unchanged at 34.85 cedis by the close.

To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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