Jubilee oil production averages 63,100 barrels per day in 2012 first quarter

Oil produced from Ghana’s Jubilee fields during the first quarter of 2012 averaged 63,100 barrels of oil per day (bopd) at gross, lead operator Tullow Oil said today July 4, 2012 in a trading statement.

Currently, the oilfields’ output, according to Tullow, is at approximately 63,000 bopd gross with a “number of wells temporarily offline for ongoing acid stimulation activity”.

The Jubilee field has continued to deliver industry-leading operational and safety performance with 98% uptime and zero lost time incidents to date in 2012, the statement noted.

The oil explorer expects significant increases of production in the second half of 2012 as the benefit of the acidisation programme is realised.

Jubilee field production is expected to average between 70,000 and 80,000 bopd gross in 2012, Tullow added.

The field is expected to exit 2012 with a gross production rate in excess of 90,000 bopd as it ramps up to plateau production in 2013, the company indicated.

Shares in Tullow fell 2% to £15.01 in early morning trading in London on Wednesday, well up on their 12-month low of 879.5p set last August, the Financial Times has reported.

By Ekow Quandzie