Global oil giant KOSMOS Energy has announced plans to invest 55% of over $500 million in Ghana. This was contained in KOSMOS Energy’s planned capital program for its operations in Ghana and other parts of the globe.
KOSMOS is one of the partners on Ghana’s Jubilee oil field. Development activities offshore Ghana comprise approximately 55% of the total anticipated amount, with the remaining 45% allocated for exploration and appraisal activities across KOSMOS’ global exploration portfolio.
KOSMOS anticipates a year-end exit rate for 2013 to be above the high end of its annual guidance range.
Included in the estimate is a planned two-week shutdown for regular maintenance at the Jubilee floating production, storage, and offloading vessel (FPSO).
It also anticipates that oil production on the field is expected to average between 105,000 and 115,000 barrels of oil per day in 2013.
The Chief Executive Officer of KOSMOS, Brian F. Maxted explained that “our plans for the year include advancing the development of the world-class Jubilee field, as well as further progressing our other discoveries offshore Ghana. Jubilee continues to demonstrate outstanding performance, with current field deliverability substantially above the FPSO capacity.”
According to him, this is due to the ability of his outfit to “resolving the original well productivity issues and completing new Phase 1A wells, which are showing tremendous delivery.”
Mr. Maxted also mentioned that throughout the year, KOSMOS will be “challenging the Jubilee teams to identify opportunities to meaningfully enhance throughput of the production facility, allowing us to bring forward substantial value from the field.”
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