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Oil production declines by 40 pct in Ghana's Jubilee Field

Xinhua, January 18, 2017 Adjust font size:

Crude oil production from Ghana's Jubilee Field declined by 40 percent, said the Public Interest and Accountability Committee (PIAC) in a report released here late Monday.

The report, titled "The Public Interest and Accountability Committee Semi-Annual Report on Management of Petroleum Revenues from the Period January to June, 2016", said oil production fell from 19.08 million barrels in mid-year 2015 to 11.44 million barrels over the same period in 2016.

The PIAC attributed the decline in production to scheduled shutdown of the Floating Production Storage Offloading (FPSO) for routine maintenance and a faulty turret bearing which led to the suspension of oil production for up to 50 days.

The report said revenues from the petroleum sector during the first half of 2016 amounted to 126.41 million U.S. dollars, translating to a 55 percent reduction in revenues.

This compares with total petroleum receipts of 274.47 million dollars during the same period. Endit