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Analyst laments frequent shutdown of FPSOs

  • SOURCE: Citifmonline | Editor
  • Some energy sector analysts have raised concerns over the frequent shutdown of the FPSO Kwame Nkrumah.

    The analysts fear the country is recording huge revenue losses due to the frequent shut down of the vessel.

    Operators on the FPSO yesterday served notice it will shut down in February to allow for maintenance works on the vessel’s turret bearing.

    But Speaking to Citi Business News, an Economic Analyst and Resources Governance analyst at Ghana Oil and Gas for Inclusive Growth (GOGIG), Samuel Bekoe bemoaned the frequent shutdown of the vessel.

    “This will have implications on not just production, but the revenue that Ghana could get from the jubilee field. Already, we were producing below our target from Jubilee field last year”, he lamented.

    Meanwhile, Citi Business News has gathered that the exercise will be the first of three shutdowns to be carried out this year.

    Mr. Bekoe described the phenomenon as alarming, particularly when oil prices saw a drop last year.

    “Unfortunately the prices were very low but it was picking up. So that could not allow us to hit our revenue target. It is becoming a bit persistent now since 2015.” he said.

    He called on government to address the situation to bring the vessel back into full operation.

    He recommended that engineers factored in a sustainable turret bearing when building FPSOs for oil production in the deep waters.

    “With the turret bearing and the issues currently battling the FPSO, it is important that as a country, we do a detailed analysis of how that implication would affect the economy in general. In terms of building other FPSO’s we need to make sure we do not face such challenges” he stressed.

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