Tullow Oil has announced that its planned shutdown of the FPSO Kwame Nkrumah later this year, will not exceed the proposed twelve weeks.
Tullow is expected to shut down its Jubilee fields operations later this year for the stabilisation, rotation and offloading system installation.
It also comes on the back of the faulty turret bearing which has affected the production at the Jubilee oilfields.
In its trading Statement and Operational Update for the first half of 2017, the oil company says it is confident measures put in place to solve the technical issues should be within the stipulated period.
Meanwhile the Joint Venture Partners and the Government of Ghana have agreed on the need to stabilise the turret bearing and a shutdown of between five and eight weeks is planned for late 2017.
On its financials for the first half of 2017, Tullow Oil posted a 60 percent rise in revenue for the first half of this year.
The oil company’s revenue increased from 500 million dollars to 800 million dollars between the first half of last year to the same period this year.
This, the company believes has largely been influenced by its efforts to maintain financial discipline and efficient capital allocation.
The trading update also indicated that Tullow’s West Africa sales volume went up by 60 percent; from 43,500 barrels of oil per day to 70, 600 barrels of oil per day.
Similarly, gross profit for the oil company went up by 50 percent from 200 million dollars to 300 million dollars between the first half of last year and the same period this year.
Meanwhile production in the first half of 2017 from the TEN fields is expected to average 48,000 barrels of oil per day while full year gross production guidance remains unchanged at 50,000 barrels of oil per day.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana