Tullow hits 85,000 barrels a day

Production from Tullow Oil’s Jubilee Field off the coast of Ghana recently hit 85,000 barrels a-day, indicating that it is on track to reach 90,000 by the end of the year.

Production from the Jubilee Field was originally projected to reach 120,000 barrels a-day by the end of this year. Technical problems that surfaced in late 2011 delayed this.

Tullow said in an update yesterday that the steps taken to tackle these problems have succeeded and production from the field recently hit 85,000 barrels a-day.

The Irish company also said that production from the field is likely to hit 90,000 barrels a-day by the end of the year, the target set once remedial work began on the wells in January.

Tullow’s share in the field entitles it to 35 per cent of its production. Overall, the company’s statement predicted that net production from its interests will average between 80,000 and 84,000 barrels a-day by the end of this year.

In the second half of this year, Tullow and its partners submitted a development plan for three other fields off Ghana, Tweneboa, Enyena and Ntomme, to the country’s government.

The group is planning on using floating, production, storage, offloading vessels to develop the fields. These take oil from offshore fields and store them until they can be offloaded on to tankers.

In Uganda, Tullow and its partners, Total and CNOOC, submitted a joint development plan for the Lake Albert Rift Basin to the country’s president and government.

The area has proven reserves of over two billion barrels of oil and the potential to deliver far more. Tullow plans to continue exploring the region while CNOOC and Total will develop it and bring the oil to market.

In all, the group plans to spend $2.2 billion on this exploration and development across its interests in Africa, Asia, Europe and South America.