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Tullow to Boost 2019 Output

January 16, 2019

(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)

Categories: Deepwater FPSO Production


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