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Tullow Oil Trading Statement & Operational Update
Tullow Oil Trading Statement & Operational Update.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 7243C Tullow Oil PLC 30 June 2016 \n \n\n \nTullow Oil plc - Trading Statement & Operational Update\nTEN project remains on schedule; First oil expected within the next three to six weeks;\nJubilee production c.90,000 bopd in June; Preferred long-term Jubilee FPSO solution established;\nKenya exploration and appraisal programme to recommence in fourth quarter 2016\n30 June 2016 - Tullow Oil plc (Tullow) issues this statement to summarise recent operational activities and to provide trading guidance in respect of the financial half year to 30 June 2016. This is in advance of the Group's Half Year Results, which are scheduled for release on Wednesday 27 July 2016. The information contained herein has not been audited and may be subject to further review and amendment.\nCOMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE Officer SAID:\n\"After three years of hard work, I am delighted to say that the TEN Project is expected to deliver first oil within the next three to six weeks. This transformational project has remained on schedule and on budget since it began in 2013. Production at Jubilee has stabilised with a gross rate in June of around 90,000 bopd. We have also made excellent progress on the long term solution to the turret issue, with the Jubilee Partners deciding that the optimum way forward is to spread moor the FPSO. In East Africa, the Governments' agreement that there will be separate pipelines to develop resources in Uganda and Kenya brings greater clarity to both projects. In addition in Kenya, a new programme of exploration wells focusing on growing resources is due to start in the fourth quarter. The New Ventures team remains focused on high grading and replenishing the exploration portfolio with a new licence signed in Zambia and ongoing portfolio management and seismic survey activity in South America.\" \nOperational Update\nPRODUCTION\nIn the first half of 2016, Tullow's West Africa working interest oil production averaged 51,900 bopd. This is below previous guidance due to lower production from the Jubilee field in Ghana, following issues with the FPSO turret identified in February. This resulted in an extended shut down period in April while new offtake procedures were implemented to enable the Jubilee field to restart in early May. Production has gradually been ramped up...