Tullow Oil Plc's floating production vessel at Ghana's Jubilee field shut Monday after a power outage, adding to output concerns that have hit the company in recent months.
“We can confirm that the Jubilee FPSO shut down on Monday afternoon, the team are working to restore production as soon as possible,” a spokeswoman for Tullow said in an email.
The unplanned outage is a further blow to the Africa-focused oil producer, whose Chief Executive Officer Paul McDade and exploration chief Angus McCoss quit on Dec. 9 after Tullow cut its production outlook and suspended the dividend.
Output from the company's main producing assets -- the TEN and Jubilee fields in Ghana -- has been “significantly below expectations,” Tullow said at the time. Group production next year is forecast at 70,000 to 80,000 barrels a day -- down from the 87,000 a day expected for this year -- and will hover around the bottom of that range for the following three years.
The FPSO at Jubilee has experienced technical issues before that have significantly affected production, including a fault in the turret of the vessel that limited its mobility.
Tullow's shares have declined 64% this year, heading for the biggest annual decline since 1998. The stock traded up 1.7% at 64.7 pence as of 2:18 p.m. in London.
To contact the reporters on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net;Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net
To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Amanda Jordan, John Deane
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
