Production on the Jubilee Oil Field slowed marginally to 89, 000 barrels per day (bpd) at the end of October 2024.
This was captured in the November 2024 Trading Update released by Tullow Oil last week, November 28, 2024.
Daily Crude Production on the Jubilee field was above 90,000 barrels a day at the end July this year.
Reasons
Tullow Oil in the trading statement linked the challenge to issues with some of its wells on the Jubilee Field, a development that affected total production from the area.
It revealed that “The end of October update fell below expectation primarly due to underperformance of the J69-P Well as flagged previously”.
The Oil Exploration firm linked the challenge on the jubilee field to “unplanned downtime at the Ghana Gas Company onshore gas processing plant and plants and periods of reduced water injection due to power outages”.
Positive outlook
Tullow Oil however noted it is optimistic about operations improving, due to corrective measures that have been implemented, adding that “combined with further production optimism activities, this is expected to mitigate the declines experienced in the second half of 2024”.
The Oil exploration firm also revealed that the FPSO uptime at the Jubilee and TEN have remained high averaging 98 percent year to date.
“All these developments the company believes, will improve the situation by the end of this year”, the company said.
Tullow Oil is also working to deploy 4D Seismic programme in Ghana which should start from January 2025, “providing further data to optimize well locations for further drilling programmes.
Government debts owed Tullow
The oil exploration firm in the November update also revealed that the debts owed by Government of Ghana for gas supplied from the Jubilee and TEN fields is pegged at 40 million dollars.
Tullow Oil describes this debt as “overdue gas payments from Government”.
Tullow Oil believes that when the debt is settled, it will go a long way to improve its financial position by the end of this year.
