By Ofonobong Osei-Tutu
Komos Energy estimates Jubilee field production to average between 105,000 and 115,000 barrels of oil per day in 2013, with the midpoint of the range representing an increase of greater than 50 percent from the 2012 average. Kosmos anticipates a year-end exit rate for 2013 to be above the high end of its annual guidance range. Included in the estimate is a planned two-week shutdown for regular maintenance at the Jubilee floating production, storage, and offloading vessel (FPSO).
Kosmos’ net interest in the estimated 2013 production average is approximately 25,150 barrels of oil per day, at the midpoint of the range. Based on the Company’s crude oil inventory position at the beginning of the year and its expected net portion of 2013 production, Kosmos anticipates selling nine crude oil cargoes during the year. Each crude oil cargo sold represents slightly less than one million barrels of oil and is anticipated to continue trading consistent with Brent crude pricing.