- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) warns that it will not hit its production targets for 2016 or 2017 because of continuing problems at its Jubilee field offshore Ghana.
- Tullow was forced to shut down the field in April after the ship it uses to produce and store the oil developed a problem with the turret system that keeps it anchored to the seabed; the problem is still not completely fixed, causing Tullow to lower its guidance for 2016 oil production to 62K-68K bbl/day from previous expectations for 73K-80K bbl/day, and to reduce its outlook for 2017 by an unspecified amount below the ~100K bbl/day it had forecast.
- However, Tullow says it is making strong progress on a long-term solution to the turret issue, and says Jubilee's production has stabilized with a gross rate in June of ~90K bbl/day of oil.
- Traders are taking comfort that the company appears to have a long-term solution for Jubilee, and shares are higher in London trading.
Tullow warns it will miss production targets amid problems at Jubilee field
This was corrected on 02/05/2019 at 10:23 AM. The first paragraph has been corrected to refer to Ghana as the country of location for the Jubilee field. The original post incorrectly said Guyana was the location.
Recommended For You
About TUWLF Stock
Related Stocks
Symbol | Last Price | % Chg |
---|---|---|
TUWLF | - | - |
Tullow Oil plc |