Tullow Oil raises annual cash flow view on strong Ghana output, higher oil prices
Tullow Oil has raised its annual free cash flow forecast and production outlook due to strong performance at its Ghana fields and higher oil prices. The company is currently restructuring its business by selling non-core assets and refinancing debt.
Why it matters
Improved financial outlooks for major energy firms in Africa signal potential stability and growth in the regional oil and gas sector.
Aug 5 (Reuters) – West Africa-focused Tullow Oil forecast annual production at the higher end of its forecast range on Wednesday and raised its free cash flow projection, encouraged by strong performance at its Ghana fields and better-than-expected oil price realisations.
The company has been reshaping its business around Ghana by selling assets in Gabon and Kenya and refinancing to trim debt. It also secured licence extensions for its flagship Jubilee and TEN fields until 2040, supporting further drilling and output.
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