Jubilee Oil Field to fall short of expected target for 2012-Tullow
Ghana will be unable to get as much crude oil as had been anticipated this year from the Jubilee Oil Field. It had been estimated that the field will produce on the average, 120 thousand barrels of oil a day, a few months after the commencement of production.
The target of crude oil is yet to be achieved more than a year since production began at the Jubilee field. The operator of the Jubilee Field, Tullow Oil now says it will be impossible to meet the target this year.
At a news conference in London, officials of the company said production for the year will peak around 90 thousand barrels a day due to some technical difficulties that have been encountered with some of the production wells.
They explain that though the problems are being rectified, they need to be cautious. The shortfall in production will impact on government revenue.
The 2012 budget, however, appears to have made some form of provision for the shortfall and is projecting just about the same production level as announced by Tullow Oil.
Meanwhile the government has charged the Ghana National Petroleum Authority to investigate the circumstances that will prevent the Jubilee Oil partners from meeting their 120,000 barrels of oil per day target this year.
Accra, May 17, 2012
Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny ... 