Tullow Oil has confirmed plans to restart drilling in Ghana’s oilfields by May 2025. This decision comes after successfully resolving Ghana’s tax arbitration.
In a statement ahead of its 2024 Full Year Results, the UK oil giant highlighted that settling the Ghana Branch Profits Remittance Tax arbitration removes a $320 million contingent liability and reinforces the integrity of its petroleum agreements.
The company generated $1.5 billion in revenue, with an average realized oil price (pre-hedging) of $80.2 per barrel.
Tullow reduced its net debt to $1.45 billion, achieving a gearing ratio of 1.3 times.
In 2024, the company maintained a full-year working interest production average of 61.2 kboepd, including 6.6 kboepd of gas.
Production from the Jubilee oil field reached 33.9 kbopd net (gross 87.0 kbopd), while the TEN field produced 10.2 kbopd net (gross 18.5 kbopd).
In 2024, Tullow successfully drilled and brought five new Jubilee wells online—three producers and two water injectors—completing the program six months ahead of schedule without any recordable safety incidents.
FPSO uptime at Jubilee and TEN averaged 97% throughout 2024.
Reserves decreased due to 22.4 mmboe of production in 2024 and a revision on Jubilee, although the estimated quantum of oil-in-place remained unchanged.
Tullow revised TEN reserves upward, driven by significant progress in cutting fixed costs, including reductions related to the FPS.
Source: https://www.myjoyonline.com/
African Energy Council