- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) raises full-year production guidance for its flagship West African oilfields following strong production performances from the TEN and Jubilee fields in Ghana.
- The London-listed E&P company now expects to produce 85K-89K bbl/day of oil from West Africa, compared with previous guidance of 78K-85K bbl/day; at the time of its H1 earnings report in July, Tullow said West Africa net working interest oil production averaged 81.4K bbl/day of oil.
- Tullow says repairs on the turret mooring system for Jubilee’s FPSO vessel, which has reduced production since March 2016, now are expected to occur in Q1 2018 and result in 4-6 weeks of shutdowns.
- Tullow also cuts its FY 2017 capex target by 25% to $300M due to lower expenses in east Africa, and lowered its debt during the quarter to $3.6B while increasing free cash flow to $400M.