Daily production of crude oil at the Jubilee
Field is now expected to reach 120 thousand barrels per day by next
year. This is the about the third time the lead operator at the field
Tullow, has set a new timeline for achieving the said target.
The
Jubilee field had been estimated to produce an average of 120 thousand
barrels of oil a day a few months after the commencement of production.
However, some difficulties encountered with production wells have made
it difficult to achieve the target this year. It is currently doing
between 70 and 90 thsoaund barrels a day.
Speaking to investors
in London yesterday following the release of its record financial
performance for last year, Chief Financial Officer at Tullow Ian
Springett said they are now hopeful of achieving the 120 thousand
barrels per day target because of remedies instituted.
“We’ve
not seen the full potential of Jubilee. Even the production we had from
the field last year has transformed the financials of the company and as
we reported 2012 is the year we going take to solve the completion
problem and get back on track with our field by 2013”
Source: JoyFM
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