Tullow’s Ghana oil field restarts production

Tullow Oil has said it has restarted production at Jubilee, its flagship oil field off Ghana.

The field is producing 30,000 barrels a day, according to Mark Macfarlane, director for development and operations. Output at the field was suspended on March 20th after it discovered a fault in a bearing on the turret which is moored to the seabed.

The repair of the turret could take 12 months and Tullow will make a decision about how best to repair it by mid-year, Paul McDade, the chief operating officer, told reporters in Accra, Ghana. There are plans to increase output above 30,000 barrels a day, but the company won't disclose how much.

Shares in Tullow rose as much as 4.9 per cent in London trading. It closed down 2.1 per cent, in line with the decline in the FTSE 350 Oil & Gas Producers Index. –(Bloomberg)