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Jubilee Field to produce less crude oil than anticipated this year

  • SOURCE: | qwesa2big
  • Ghana will be unable to get as much crude oil as had been anticipated this year from the Jubilee Field.

    It had been estimated that the field would produce on the average, 120 thousand barrels of oil a day, a few months after the commencement of production.

    That target is however yet to be achieved more than a year since production began and 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 earlier Wednesday, officials of the company indicated production for the year would peak around 90 thousand barrels a day due to some technical difficulties that have been encountered with some of the production wells.

    They explain though the problems are being rectified, they have had to take a cautious approach.

    The shortfall in production will ideally impact 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.

    The implications are nonetheless significant.


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