The FPSO Kwame Nkrumah MV21 at the Jubilee field, offshore Ghana – Credit: MODEC (File image)
West Africa-focused Tullow Oil on Wednesday trimmed its 2023 production forecast for a second time, mainly due to delays in Jubilee oilfield’s southeast extension off Ghana.
In September, the London-listed company had reduced the upper end of its production guidance for the year to 58,000-60,000 barrels per day (bpd) from 58,000-64,000 bpd.
It now expects output to be marginally below these expectations, also citing “reduced water injection”.
The company, however, increased its full-year free cash flow expectations to $150 million from $100 million forecast earlier, citing increased sales in Gabon and the deferral of some capital expenditure.
On Monday, Tullow signed a $400 million five-year debt deal with Glencore to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana and Gabon oilfields.
(Reuters – Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich and Saumyadeb Chakrabarty)