DALLAS – Kosmos Energy Ltd. (NYSE: KOS) reports that Tullow Oil plc (LSE: TLW), the operator of the Jubilee field, has revised its production forecast of 100,000 b/d of oil for the full year 2014. This rate allows for a potential two-week shutdown for regular maintenance at the Jubilee FPSO.
The revised forecast is unrelated to reservoir performance and well productivity. The new forecast stems from the recently completed third gas injection well, which started up in 4Q 2013 and provided minimal relief. Additionally, delays in restoring full water injection during 2013 further compounded the gas handling challenges. Restoration of full water injection was achieved late in the fourth quarter.
Short-, medium-, and long-term options to ameliorate the situation are under discussion with Ghanaian authorities. The Ghana National Gas Co.'s Western Corridor Gas Infrastructure system is expected to be ready to receive gas from the Jubilee field in late 2014. Achievement of the revised production forecast is contingent on the timely resolution of these matters.