Proactive Investors - Run By Investors For Investors

Tullow Oil hits problems at Jubilee field in Ghana

Oil company identifies issues with the turret on its Jubilee floating production, storage and offtake vessel
Tullow hits problems at Jubilee field in Ghana
Oil output and gas exports continued despite the problems with the turret (right)

Shares in Tullow Oil (LON:TLW) leaked 6% after the African-focused oil explorer uncovered technical problems at its Jubilee field off the coast of Ghana.

Tullow said it had identified issues with the turret of the Jubilee floating production storage and offtake (FPSO) vessel and was putting in place extra operating procedures to monitor the situation and reduce the ship's degree of rotation.

It said the manufacturer of the turret, Sofec, would carry out further checks and Tullow would work with it to determine any further measures necessary.

"Oil production and gas export is continuing as normal," Tullow said in a statement.

Shares in the group fell 12.8p, or 6.7%, to 178.6p in mid-morning London trading.


Register here to be notified of future TLW Company articles
View full TLW profile

Tullow Oil plc Timeline

Related Articles

Hurricane Energy's drilling team on a rig at the Lancaster field, back in 2014.
June 08 2016
In stark contrast to the troubles elsewhere, a new £52mln private-equity backed funding not only feels like a big deal but also serves as a reminder of Hurricane’s game changing’ potential.
August 04 2016
Chief executive Ravi Kailas called the cash injection a “huge endorsement” of the company’s operations and its growing position in the power market on the sub-continent.
oil barrels and an oil rig
August 18 2016
The oil and gas firm says it is “delighted” after having received its first payment for the gas supplied to the Tanzania Petroleum Development Corporation

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.