Jubilee FPSO compressor breakdown hits Q3 earnings

Audio By Carbonatix

The recent shutdown of the Jubilee FPSO compressor has been cited as one of the major reasons for declining volumes of crude oil exported from the Jubilee Fields.

Figures covering earnings from the petroleum sector shows significant decline in earnings for the third quarter to about $55 million from almost $80 million for the second quarter.

In terms of volumes of crude oil exports, the figures show that the quantity of crude oil exported for the third quarter went down by almost one million barrels compared to exports for second quarter of 2015.

The Jubilee FPSO compressor – which is used in processing and storing crude oil – broke down in July this year, affecting daily production of crude at the Jubilee Fields.

It however came back on stream around August this year.

The report also shows that Ghana got a premium rate for each barrel sold on the international market.

Ghana’s crude oil was sold for about $60 dollars a barrel, at a time when crude oil prices hovered around $50 per barrel on the international market.

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