Anadarko Petroleum Corp. (APC) said Wednesday that Ghana's massive Jubilee oilfield is producing less than expected and that some wells will have to be reworked in order to try to achieve the original production target.
Anadarko Petroleum Corp. (APC) said Wednesday that
Ghana
's
massive Jubilee oilfield is producing less than expected and that some wells
will have to be reworked in order to try to achieve the original production
target.
"We have seen some greater-than-anticipated drawdown in several of the
wells," Charles Meloy, Anadarko's senior vice president worldwide
operations, told analysts during a conference call to discuss earnings. The
problem wasn't associated with early depletion of the reservoir, but rather
with the way wells were completed, Meloy added.
"The operator and the partnership have concluded that it's in the best
interest of our development to go and see if we can remediate" the
problem, Meloy said.
The company hopes Jubilee will achieve its target production once wells are
reworked, but a longer-than-anticipated production ramp up could potentially
increase the project's development costs and reduce net equity production to
the field's partners.
Anadarko, which hold a 23.4% stake in Jubilee, said the field is producing
85,000 barrels of oil equivalent, significantly below the 120,000 barrels of
oil per day the field was expected to be producing by the end of this year. The
company said the Jubilee resource estimate remains unchanged.
Asked by an analyst how much it would cost to rework the Jubilee wells, Meloy
referred the question to the operator, London-based Tullow Oil PLC (TLW), which
has a 34.7% interest in the field.
Other co-owners of Jubilee include Kosmos Energy Ltd. (KOS), with 23.49%
interest, Sabre Oil and Gas, with 2.81%, E.O. Group Ltd., with 1.75%, and Ghana
National Petroleum Corp., with 13.75%.
Separately, Anadarko said that it is seeking to sell all of its Brazilian
assets and that it anticipates to close the potential sale next year. "Strong
interest has been expressed in our Brazilian properties," said Anadarko
Chief Executive Jim Hackett.
The head of Anadarko also said the company expects to increase its capital
expenditures next year over this year's budget of up to $6.3 billion.
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