Tullow Ghana Production Down by More Than 50%

Tullow Ghana Production Down by More Than 50%

Tullow Oil, the lead operator of the Jubilee field offshore Ghana has cut production output from the field by over 50% after resuming operations there a few days ago. Tullow will now only produce 33,000bp/d versus the 100,000bp/d it was producing prior to the shut down, All Africa reported.

The figure is much lower than the initial projection made by the oil firm in the early stages of production from the field, and the cut is expected to hurt the country’s oil revenue further.

Tullow Oil Chief Executive Officer, Charles Darku, said the issue is a faulty turret bearing on its Kwame Nkrumah FPSO, rendering the vessel unstable, Oil Price wrote. The production was halted in March over these technical issues.

Meanwhile, investors are told they won’t see any dividends this year. However, Tullow has assured shareholders in Ghana that dividend payments will be resumed early next year, at the same time confirming that no dividends will be issued before then.


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