Tullow Oil Ghana Ltd says despite a drop in production by over 3,000 thousand barrels of oil per day, it is confident it will meet its target by the end of the year.
The Ghana National Gas Company’s inability to complete the country’s gas infrastructure project at Takoradi on time has taken a heavy toll on oil production at the Jubilee Field.
But the General Manager of Tullow Oil Ghana, Charles Darku announced to investors that, there is no cause for alarm during the company’s 2014 Investor Forum.
According to him, Tullow is currently doing a little over 100 thousand barrel a day. This is likely to affect revenue earned from the Jubilee in terms of taxes and royalties for the state.
Mr. Darku said they [Tullow] are working with the Ghana Gas Company to ensure that gas is exported to the facility as soon as it is ready.
“We are however hoping that the facility would be ready by the second half of this year,” he said.
Meanwhile, the company has achieved the 100 million barrel mark.
He told Citi News, the company still has strong fundamentals to improve its production level this year.
Mr. Darku assured shareholders his outfit will deliver some good returns for them for this year.
Last year could be described as a bad year for the jubilee operator as profits declined by 68 percent, while the value of their shares reduced by almost 8 percent.
By: Evans Effah/citifmonline.com/Ghana