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Oil production to hit 124,000 daily

  • SOURCE: | qwesa2big
  • crude dollarGhana’s oil production is expected to hit 124,000 barrels per day when the TEN project begins its first production between July and August this year.

    Even though the quantity is high, it is far below that of African power houses in oil production such as Nigeria, An­gola, and Algeria.

    According to Tullow Oil, it is forecasting oil production of about 101,000 barrels per day on the jubilee field while TEN average working interest production in 2016 will be around 23,000 barrels per day.

    The jubilee forecast reflects the impact of a planned two week FPSO maintenance shutdown in the first quarter of this year and a period of reduced water injection capacity which is currently being addressed.

    The Greater Jubilee Full Field Development Plan (GJFFD), which includes the Mahogany and Teak fields, was submitted to the Government of Ghana in December 2015 and approval is expected in the first half of 2016.

    According to Tullow, the project which is to extend field production and increase commercial reserves has been re­designed given the current environment, to reduce the overall capital requirement and also allow flexibility in the timing of the capital investment.

    “The TEN Project which is over 80 per cent complete con­tinues to make excellent progress and remains within budget and on schedule for first oil between July and August 2016”, the oil giant said.

    To date, all the key milestones of the project have been met, with the next important event being the sailaway of the TEN FPSO from Singapore to Ghana, it added.

    The vessel is expected to depart late January 2016 and ar­rive in Ghana in early March. It is expected to be connected to the risers and subsea infrastructure.

    A gradual ramp up in production towards plateau is anticipated during the second half of 2016 as the facilities go through the final commission­ing stage and wells are tied into the FPSO.

    Jubilee production performance for 2015 exceeded the 100,000 barrels per day, averaging 102,600 barrels per day.

    Good performance from the onshore gas processing facil­ity also allowed significant gas export from the Jubilee field with an average rate of gas export of around 85 mmscfd in the last quarter of 2015.

    Ghana earned $978.87 million from the oil export from the jubilee field in 2014. The figure is expected to go down in 2015 following oil prices dropping to as low as S40 in 2015.

    Source: Business Finder

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