Ghana Expects Steady Oil Output As Tullow's Jubilee Recovers

Reuters

CAPE TOWN, June 6 (Reuters) - Ghana's oil output is expected to average 110,000 barrels per day in 2016, similar to last year, as output is ramped up at Tullow Oil's Jubilee Field, a senior government official said on Monday.

Production at Jubilee was interrupted earlier this year due to technical problems but output resumed last month, said Thomas Mba Akabzaa, chief director at the ministry of petroleum.

Africa-focussed Tullow Oil restarted output at 30,000 bpd in May.

"The estimated average production for the year is 110,000 barrels per day for 2016, including from production loss," Akabzaa told Reuters on the sidelines of an oil and gas conference.

He said first production at the new Tullow operated TEN offshore field was expected on 17 August and that four unnamed firms searching for oil in the Tano Basin had lost their exploration licenses after failing to meet the necessary requirements.

"In Ghana, at the end of 2015, (several) new petroleum agreements were signed. However, as I speak about 80 percent are yet to meet 20 percent of their work program requirements for 2015 largely as a result of the difficulty in raising the required funding," he told delegates.

Sharply lower global oil prices, which fell below $40 dollars in January from almost $100 in 2014, has seen oil companies scale back projects and reduce head count.

In Ghana, government negotiations with Tullow helped save 100 jobs in the petroleum industry, after the firm initially flagged 130 jobs were on the line, said Akabzaa.

(Reporting by Wendell Roelf, editing by William Hardy)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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