Tullow Oil said production at its new Jubilee oil field off Ghana was due to come on stream shortly and was expected to exceed 100,000 barrels a day when fully operational.
In a trading update, the oil and gas company said production (across all its operations) averaged around 53,000 barrels of oil-equivalent a day in the first half of 2023.
The production, including the cost of hedging, yielded a revenue of around $800 million in the period, matching the first half of 2022, at “a realized average oil price” of around $81 a barrel.
Tullow also maintained its full-year production guidance at 58,000-64,000 barrels a day. Full-year guidance for free cash flow remains unchanged at around $100 million at $80 a barrel, it said.
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The company said its Jubilee South East (JSE) was due onstream imminently. Three JSE producers and one JSE water injector are expected onstream this year to help sustain gross Jubilee production over 100,000 barrels a day.
Tullow chief executive Rahul Dhir said: “This is an exciting time for Tullow and a pivotal moment in 2023 as we are on the cusp of the start-up of Jubilee South East, a project that demonstrates our operational capability and continued investment in Ghana’s world class Jubilee field.
“Gross production from the field is expected to exceed 100,000 bopd which will mark the outset of increased cash flow generation to materially deleverage our business,” he said.
