Tullow to Boost 2019 Output

(Photo: Tullow Oil)
(Photo: Tullow Oil)

Africa-focused Tullow Oil's production is set to grow to between 94,000 and 102,000 barrel of oil equivalent per day (boed) this year, it said in a trading update on Wednesday, from 90,000 boed last year as it increases output in Ghana.

Free cash flow stood at $400 million. It had previously said that with oil prices of $70 a barrel, its cash flow for 2018 could reach as much as $700 million. Crude oil slumped by more than a third in the second half of 2018 to below $50 a barrel.

Tullow's net debt at the end of last year stood at $3.1 billion, higher than the $2.8 billion forecast. It had previously expected around $208 million from selling part of its stake in Ugandan oilfields to come in before the end of 2018.


(Reporting by Shadia Nasralla, editing by Louise Heavens)

Current News

TotalEnergies’ Offshore Platform Workers in UK Secure Better Conditions

TotalEnergies’ Offshore Platfo

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Petronas Expands Suriname Port

Egypt Still on Hold as Israel Resumes Limited Gas Exports

Egypt Still on Hold as Israel

Norway's Oil and Gas Output Falls Behind Forecast In May

Norway's Oil and Gas Output Fa

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine