Tullow Exports to Resume April 9 After Jubilee Restart

  • Company to complete maintenance by Tuesday rather than April 3
  • Shutdown extended as new offloading procedures put in place

Tullow Oil Plc extended the suspension of oil and gas production at its flagship Jubilee field off Ghana and now expects exports to restart later this week.

Tullow expects to complete the planned maintenance by April 5, it said in an e-mailed statement. Oil and gas exports from Jubilee will then restart on about April 9 once new offloading procedures are in place at the production vessel where a fault occurred in February.

Tullow fell 1.4 pence, or 0.7 percent, to 192.5 pence in London trading at 2:17 p.m. local time. The company is the top performer this year on the Stoxx Europe 600 Oil and Gas Index.

The Jubilee field produced 102,600 barrels of oil a day in 2015 and is forecast to pump 101,000 a day this year, the company said Feb. 10. The planned maintenance at the field started March 20.

(Company corrects length of field shutdown in final paragraph.)
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