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Africa Oil Supply - July 2016

Source: OPEC 8/2/2016, Location: Africa

Africa’s oil supply is expected to see a further contraction of 60 tb/d in 2016, revised down by 29 tb/d to average 2.31 mb/d.

The reason for this negative revision is due to production outages in Ghana. Amid unresolved technical issues at Tullow’s FPSO vessel in the giant Jubilee oilfield offshore Ghana, production is back online, but output is less than half of what it should be, while investors have been told they won’t see any dividends this year. Production resumed on 4 May, but the repair of a turret could take up to a year, according to the media. Right now, the company is working to ramp up production to above 30,000 b/d, but this is well under the originally anticipated 100,000 b/d. It was producing 103,000 b/d the previous year.

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