Jubilee restart postponed

LONDON, April 8, 2016 – Tullow Oil, operator of Ghana’s offshore Jubilee field, will miss its April 9 date for the restart of the asset, the company said Friday, noting that a turret bearing on the Kwame Nkrumah FPSO was damaged.

Maintenance work on the FPSO first began in February and was originally expected to last 14 days. However, production is not expected for another two weeks, necessitating the re-issue of the field’s output guidance for 2016, originally pegged at 101,000 bopd.

Tullow Oil is in the process of studying long-term remediation options. “We have appointed a highly experienced project team to work on a permanent solution while our operations team continues to ensure we have in place safe and sustainable arrangements for production from the field,” company CEO Paul McDade said in a statement. Offtake will initially utilise a shuttle tanker and storage tanker, both of which are in place. Once procedures are in place and approvals have been secured, production can slowly be restarted.

Tullow operates Jubilee on a 35.48% stake. Other shareholders are Kosmos Energy and Anadarko Petroleum, each on a 24.08% stake, Ghana National Petroleum Corporation (13.64%) and Petro (2.73%). In 2015, the shareholders produced 102,600 barrels of oil and 2.55 mcm (90 mcf) of natural gas per day from the field.

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