Tullow Oil reported lower than expected first-quarter production ahead of its annual general meeting today.
The trading update for the period January 1st to April 28th said group working interest production for the first quarter averaged 59,200 bopd for West Africa and 6,500 boepd for Europe.
This was “marginally below expectations” due to the need to implement new Jubilee off-take procedures at the end of March following damage to the Jubilee FPSO turret bearing.
The update also noted that East Africa governments agreed to develop resources in Uganda and Kenya with separate export pipelines.
Ongoing assessment of recently completed South Lokichar appraisal programme in Kenya indicates potential to increase recoverable resources up to 750 million barrels with further exploration potential supporting an upside of 1 billion barrels.
Tullow Oil chief executive Aidan Heavey said it had made "excellent progress" in West Africa with the TEN Project "which remains on time and on budget".
