Fresh Cut In Expenditure Won’t Affect Activities In Ghana -Tullow Oil

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Source: Ghana| Joy Business

Independent oil exploration and production company, Tullow Oil has assured that exploration activities in Ghana will not be affected despite recent cuts in its expenditure for this year.

The oil exploration firm announced that it is reducing its expenditure for capital projects by another $100 million out of the about $1 billion allocated for this year.

This raised some concerns that the country will, this time, be affected, by these reductions, after it was excused in previous expenditure cuts.

But speaking to JOY BUSINESS during his visit to Ghana, Chief Executive Officer of Tullow, Aiden Heavey says there is no cause for alarm.

Also, Tullow Oil says it has no immediate intention of replacing the Jubilee FPSO despite the consistent breakdowns.

Oil production has suffered some setbacks because of challenges with the Vessel used in processing, collecting, storing crude oil from the Jubilee field.

This has led to calls for the vessel to be replaced now to avoid a complete breakdown in the future .

The call recently gained some credence following, reports that the Jubilee partners are planning to build a new FPSO, vessel. But Aiden Heavey says there are no such plans on the company’s table.

The oil company says it will soon start exporting gas from the jubilee field. This should mean that the Ghana gas company will soon have access gas for power generation.

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