Tullow Oil, in its AGM Trading Update revealed that the technical
investigation of the Jubilee FPSO turret bearing has confirmed that it
is no longer able to rotate as originally designed leading to new
operating procedures being implemented.
The procedures being
investigated include the vessel being put on “heading control” which
requires the use of tugs to minimize vessel rotation and revised offtake
procedures, including the use of a dynamically positioned shuttle
tanker and a storage tanker. Revised operating procedures are being
implemented at the Jubilee field with new equipment and approvals in
place.
Tullow said that sea water injection resumed on April 23
and offtake is expected to re-commence in the next few days with
production to follow shortly thereafter. These activities and the
two-week planned maintenance shutdown have impacted gross production
from the Jubilee field which averaged 80,300 bpd (gross), for Q1.
A
project team has been established to review the root cause of the
problem and determine the optimum design of the permanent solution of
the Jubilee turret issue. A decision on the solution is expected in the
next few months.
On the financial end, Tullow has a comprehensive
package of insurances in place including Hull and Machinery insurance,
procured on behalf of the JV which covers relevant operating and capital
costs associated with damage to the FPSO, and Business Interruption
insurance which covers consequent loss of production and revenue. Claims
under both policies have been notified to our insurers.
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