Tullow unveils Ghana capex plans for 2024

ACCRA, March 6, 2024 – Tullow Oil released its 2023 full-year results on Wednesday, unveiling plans to spend at least USD 160 million in Ghana.

The company expects a total of USD 250 million in capex, down from the USD 380 million it spent in 2023.

Beyond Ghana, Tullow’s capex plans include USD 60 milllion on its non-operated portfolio and around USD 10 million in Kenya and USD 20 million on exploration. It anticipates a decommissioning spend of around USD 50 million for the UK and Mauritania, as well as around USD 20 million provisioning for Ghana and Gabon.

Tullow’s Ghana operations have been focused on the Jubilee and TEN offshore exploration licences, both of which are now producing via FPSOs.

The company reported oil and gas production based on its working interests of 62,700 boepd.

UK independent Tullow Oil is an Africa-focused E&P company with interests in Côte d’Ivoire, Gabon, Ghana, Kenya and Mauritania.

It is also conducting exploration in Argentina, saying it aims to replicate the exploration success it has enjoyed in Africa in South America.

In the UK, the company is decommissioning its non-operated North Sea assets.

Image of the Jubilee FPSO courtesy of Tullow Oil.

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