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Tullow downplays effect of shutdown of Jubilee FPSO on revenue

fpsoTullow has maintained that the shutdown of the Jubilee FPSO would not in any way affect revenue and taxes for the state.

The oil exploration firm Tuesday announced that it would shut down the vessel used in collecting oil form the Jubilee Field for 21 days beginning next week Friday.

There have however been projections that the shutdown could result in 231 million dollar loss in terms of revenue to the partners as well as taxes the country could have grossed from oil production.

But Investor Relations and Communication Manager at Tullow, Bernice Natue tells Joy Business this would not be the case because the activity was planned.

“It was factored into the revenue generation for the year, so there is no loss…it is not going to affect any output with regards to revenue or with regards to production of the number of barrels of oil but we have planned for it,” she remarked.

She explained that since the overall volumes of the oil still remains in the ground, nothing would be lost “it is just the timing of bringing it out”.

Source: Joy Business

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