Tullow Oil shares rise despite fault at Ghana oil field

Africa-focused oil producer Tullow Oil said yesterday that it would have to lower its production outlook due to a technical fault that has forced a longer-than-planned shut-down at its Jubilee oil field off Ghana. The shares rose, however, as crude oil prices advanced.

A damaged turret means a maintenance shutdown will take another two weeks and production flows will take even more time to ramp-up, Tullow said.

“Tullow’s production guidance will be re-issued once the new operating arrangements have stabilised,” it said.