Tullow Oil issues trading guidance
Ghana 
LONDON, June 28, 2017 – Africa-focussed independent Tullow Oil on Wednesday issued its trading guidance for the financial half year ending June 30, projecting a higher pre-tax operating cash flow.
Citing “increased contributions” from its Jubilee operations offshore Ghana, Tullow said it expects to achieve a pre-tax operating cash flow of some USD 600 million. The company’s capital expenditure guidance was revised down by USD 100 million to about USD 400 million.
Tullow also offered a range of operational updates on Wednesday, saying production in West Africa over the first half of 2017 was expected to come out at an average of 81,400 bopd. Its European operations are forecast to contribute 5,600 boepd.
In Ghana, Tullow and its joint venture partners are working to re-submit the Greater Jubilee Full Field Development Plan towards the end of July. Drilling can start in 2018, the company said, assuming the sign-off by the government will happen before year-end 2017.
The Jubilee field’s FPSO will face a shutdown later in 2017 in order to “stabilise the turret bearing,” with the work expected to take between five and eight weeks. However, efforts are underway to “further reduce the length of this shutdown.”
Last month, Tullow also completed its final commissioning capacity test of the FPSO serving the TEN fields, noting that the unit can “operate in excess of its design capacity of 80,000 bopd.
The full-year production guidance for the Jubilee and TEN projects was put at 36,000 bopd and 23,600 bopd, respectively.
Read our latest insights on:
More content from Ghana
Latest news and features
