Tullow Oil is planning for a shutdown for its flagship Jubilee development.
The oil producer outline plans for work on the Jubilee field in its latest trading statement.
The Interim Spread Mooring of the Jubilee FPSO was successfully completed in February and the vessel is now anchored to the seabed with the turret bearing locked and the vessel held on a constant heading.
However, the joint venture partners and the government of Ghana have agreed on the need to stabilise the turret bearing and a shutdown. The work is expected to take between five and eight weeks.
Gross production from the Jubilee field is expected to average 83,900 bopd (net: 29,800 bopd) in the first half of 2017.
Chief executive Paul McDade said: “Tullow continues to make good progress despite tough market conditions. Our recent Rights Issue and free cash flow from our low cost, producing assets have resulted in a significant reduction in our debt and provided the Group with greater financial and operational flexibility. Since I became CEO in April, I have reviewed our medium-term plans and remain satisfied that we are making the right investment decisions with regard to our producing, development and exploration portfolio. Financial discipline and efficient capital allocation will be a key focus of my tenure as CEO as we seek to deleverage the Company and return to growth even at low oil prices.”