Business News of Sunday, 13 January 2013

Source: myjoyonline

Tullow oil puts daily production around 110,000 barrels

Tullow Oil P.L.C is now putting the current production of crude oil at the Jubilee field around 110 thousand barrels.

The announcement was contained in the firm’s trading statement and operational update released on Saturday.

Some of the partners at the jubilee field were looking at hitting the 120 thousand targets by close of last year.

But with this announcement, it appears the target might take a while before it is achieved.

Speaking to Joy Business from London, Head of Media Relations at Tullow Oil P.L.C, George Cazenove attributed the delay to some technical challenges with the FPSO.

Mr. Cazenove also described last year as quiet successful because of production 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.

The Jubilee field has now produced a little over 50 million barrels of oil since it began production in 2010.