According to a report from Petroleum News London, Tullow Oil, a British independent oil company focused on Africa, warned in London on January 27 that due to lack of drilling activities last year and the planned closure of the Jubilee oil field in Ghana, Tullow Oil’s oil production this year will A drop of 16%.
Tullow Oil said that last year the company’s average daily output of equity oil was about 74,900 barrels, but this year it will drop to 63,000 barrels.
“This forecast reflects the discontinuity of drilling activities last year. The Jubilee oil field in Ghana is scheduled to be closed in September and the development and drilling operations of the Simba oil field in Gabon have been postponed.”
The tightly funded oil company in the UK has recently adopted a new strategy, including focusing almost exclusively on expanding its West African offshore assets and reducing the scale of exploration in other frontier basins.
Rahul Dhir, CEO of Tullow Oil, said, “The focus of this plan is to ensure that Tullow’s production assets in West Africa reach their full potential. We will use the new plan and our reduced cost base to generate positive returns under current commodity prices. Free cash flow, reduce our net debt, and provide a stable balance sheet.”
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