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Tullow warns it will miss production targets amid problems at Jubilee field

Jun. 30, 2016 10:48 AM ETTullow Oil plc (TUWLF) StockTUWOY, TUWLFBy: Carl Surran, SA News Editor2 Comments
  • 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.

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.

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