Friday 30 September 2016

Tullow Oil restarts production at flagship Jubilee field

Paul O'Donoghue

Published 12/08/2015 | 08:24

Tullow Oil Ghanain staff celebrate the pumping of oil from the Jubilee field off the coast in Ghana West Africa.
Tullow Oil Ghanain staff celebrate the pumping of oil from the Jubilee field off the coast in Ghana West Africa.

Irish-listed Tullow Oil has restarted production at its flagship asset, the Jubilee field in Ghana, ahead of schedule and says that it is confident of achieving its full-year production guidance.

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However, in a trading update issued this morning the firm also said that two of its latest exploration wells failed to strike oil.

Tullow said that gas production at Jubilee, which was halted last month due to technical issues, has resumed ahead of its initial mid-August forecast.

Exports restarted on August 3 and have increased to around 100 million standard cubic feet per day. Oil production has also returned to its previous rates.

Meanwhile the firm said that it had abandoned two exploration wells, one in Suriname and one in Norway, after the company failed to find any significant hydrocarbons at either.

Chief executive Aidan Heavey said: “Tullow continues to make good progress in 2015 having reset the business and with continued emphasis on managing costs, capital expenditure and the balance sheet. We are 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.”

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