Production from Ghana’s Jubilee oil field dipped to 89,000 barrels per day (bpd) in October 2024, slightly down from 90,000 bpd in July, according to Tullow Oil’s latest trading update.
The decline is attributed to operational setbacks – with the key element being outstanding debts owed by the government.
The report revealed $40 million in overdue gas payments from the Government of Ghana, which Tullow says is critical for strengthening its liquidity amid operational pressures.
Other production challenges affecting overall cashflow include issues with the J69-P well, unplanned downtime at the Ghana Gas Company’s onshore plant and power outages affecting water injection.
Tullow has outlined corrective measures to stabilize output in the coming months.
A 4D seismic programme is set for January 2025 to enhance data quality and optimize drilling locations to boost medium-term production.
Despite these challenges, the company remains optimistic about achieving a stronger year-end performance as it implements improved strategies and production optimization.
