As Tullow Oil Jubilee Field’s output increases, Ghana’s oil output is expected to average 110,000 barrels per day in 2016, similar to last year.
Chief Director, Ministry of Petroleum Ghana has said production at Jubilee was interrupted earlier this year due to technical problems but output resumed last month.
Africa-focused Tullow Oil restarted output at 30,000 bpd in May. “The estimated average production for the year is 110,000 barrels per day for 2016, including from production loss,” Akabzaa stated on the sidelines of an oil and gas conference.
He pointed that first production at the new Tullow operated TEN offshore field was expected on 17 August and that four unnamed firms searching for oil in the Tano Basin had lost their exploration licenses after failing to meet the necessary requirements.
“In Ghana at the end of 2015, several new petroleum agreements were signed. However, as I speak about 80 percent are yet to meet 20 percent of their work program requirements for 2015 largely as a result of the difficulty in raising the required funding,” he told delegates.
Sharply lower global oil prices which fell below $40 dollars in January from almost $100 in 2014, have seen oil companies scale back projects and reduce head count.
In Ghana, government negotiations with Tullow helped save 100 jobs in the petroleum industry, after the firm initially flagged 130 jobs were on the line, said Akabzaa.