Audio By Carbonatix
Ghana will be unable to get as much crude oil as had been anticipated this year from the Jubilee Field.
It had been estimated that the field would produce on the average, 120 thousand barrels of oil a day, a few months after the commencement of production.
That target is however yet to be achieved more than a year since production began and the operator of the Jubilee Field, Tullow Oil now says it will be impossible to meet the target this year.
At a news conference in London earlier Wednesday, officials of the company indicated production for the year would peak around 90 thousand barrels a day due to some technical difficulties that have been encountered with some of the production wells.
They explain though the problems are being rectified, they have had to take a cautious approach.
The shortfall in production will ideally impact government revenue. The 2012 budget however appears to have made some form of provision for the shortfall and is projecting just about the same production level as announced by Tullow Oil.
The implications are nonetheless significant.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
T-bills auction: Government exceeds target marginally; yield on 91-day bill remains unchanged
3 hours -
GPL 2026/27: 10-man Aduana hand Kotoko defeat in Kumasi
3 hours -
GPL 2026/27: Medeama ease past Basake Holy Stars
4 hours -
Appiah Adomako writes: Why DVLA must stop treating every expired licence holder as delinquent
4 hours -
Localization must transfer decision-making power, not just project responsibilities
4 hours -
Modernising Ghana’s traditional markets through the 24-Hour Economy markets initiative
4 hours -
New economy will boost local production and create jobs – Finance Minister
4 hours -
Real-Time VAT on cross-border digital services – not a new tax and does not violate double taxation principle
5 hours -
Digitalisation, AI key to Ghana’s tourism transformation – GHATOF
5 hours -
Stronger GTA-private sector partnership needed to grow tourism – GHATOF
5 hours -
Amazon eyes Ghana for broadband expansion after talks with Mahama
6 hours -
National Investment Quiz 2026: Six schools qualify for quarter-finals
6 hours -
‘Do not let Russia pay for its madness with lives of your people’ – Zelensky to Ghana, 46 other countries
6 hours -
6,079 promotion cases fully processed and paid – CAGD says amid nationwide teachers’ strike
7 hours -
Teacher unions to meet government Monday over nationwide strike
7 hours