GPS News  
OIL AND GAS
Setback for Tullow for operations offshore Ghana
by Daniel J. Graeber
London (UPI) Apr 8, 2016


disclaimer: image is for illustration purposes only

Africa-focused Tullow Oil said it had mechanical issues at a production facility tied to the giant Jubilee oil field offshore Ghana that could curb output.

The company said part of the so-called Kwame Nkrumah floating production storage and offloading facility positioned off the Ghanaian coast was damaged and no longer functioning as designed. Oil and natural production can still continue, but Tullow said it would have to revise its operational procedures.

In December, Tullow, which has headquarters in London, sent its full development plans to the Ghanaian government for the offshore Jubilee field, which the company said could help drive the production figures for this year.

The company was forecasting a 2016 average production rate at Jubilee at around 101,000 barrels of oil equivalent per day. The company said it expected operations at the field would start returning to normal in about two weeks and that it would reissue a production estimate once work was stabilized.

Paul McDade, the company's chief operating officer, said claims were sent to insurers while the company worked to resolve the issue in a safe and timely fashion.

"Given the ability to continue production and because we have the appropriate insurance policies in place, we do not expect that this issue will have a material impact on our revenue," he said in a statement.

The company plans to spend about $900 million this year, about 19 percent less than previously expected. Spending last year amounted to $1.7 billion.

Tullow in February said revenues were down 27 percent for the year.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
March rig count down 12 percent
Houston (UPI) Apr 7, 2016
The total number of rigs actively exploring for or producing oil or natural gas worldwide declined 12 percent from February levels, Baker Hughes said Thursday. Rig counts serve as a barometer for the health of the oil and gas sector, which has struggled as companies spend less on exploration and production because of lower crude oil prices. Baker Hughes said in its March producti ... read more


OIL AND GAS
Can urban gardeners benefit ecosystems while keeping food traditions alive?

China arrests six over fake infant formula: government

Agriculture expansion could reduce rainfall in Brazil's Cerrado

Study finds wide-reaching impact of nitrogen deposition on plants

OIL AND GAS
Scientists push valleytronics 1 step closer to reality

Researchers use single molecule of DNA to create world's smallest diode

Second quantum revolution a reality with chip-based atomic physics

Hybrid pixel array detectors enter the low-noise regime

OIL AND GAS
New insight into interaction of volcanic ash with jet engines

Navy funds Boeing procurement of P-8A Poseidon components

Kuwait signs contract for 28 Eurofighters

F-35 drops first Joint Standoff Weapon

OIL AND GAS
VW managers refuse to forego bonuses: report

Self-drive trucks 'future of Europe's busy highways'

Tesla Model 3 orders hit 325,000

Tesla unveils cheaper model aimed at mass market

OIL AND GAS
Clinton tells workers she'll stand up to cheating China

Cash-strapped Sri Lanka looks to restructure $8 bn China debt

'Powerful force' behind Panama Papers: China media

China's HBIS to acquire Serbia steel plant

OIL AND GAS
Massive deforestation found in Brazil's Cerrado

Maximum sentences for killers of Costa Rica environmentalist

Massive deforestation discovered in Brazil's Cerrado region

Desert mangroves are major source of carbon storage

OIL AND GAS
NASA, Japan make ASTER earth data available at no cost

Satellites key to monitoring harmful emissions: space agencies

Tracking deer by NASA satellite

Fairy circles discovered in Australia by researchers

OIL AND GAS
Nanoporous material's strange "breathing" behavior

Heat and light get larger at the nanoscale

Nanocage surfaces get 'makeover' in room temperature

Nanolight at the edge









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.