Tullow Oil Raises 2017 West Africa Production Guidance
08 November 2017 - 7:29PM
Dow Jones News
By Ian Walker
Tullow Oil PLC (TLW.LN) on Wednesday raised its full-year West
Africa production guidance following strong production performances
from the TEN and Jubilee fields in Ghana.
The independent oil & gas, exploration and production group
now expects to produce 85,000 to 89,000 barrels of oil per day from
West Africa, compared with previous guidance of 78,000-85,000
barrels of oil per day.
It didn't say how the fields have been producing to date, but at
the time of its first-half earnings in July Tullow said West Africa
net working interest oil production averaged 81,400 barrels of oil
per day.
Tullow is keeping 2017 gas production guidance from its European
portfolio at 5,500 to 6,000 barrels of oil equivalent per day. It
said that production will be adjusted to reflect the sale of its
Netherlands portfolio to Hague and London Oil once the deal
completes later this month.
Tullow has also lowered its capital expenditure guidance to $0.3
billion, and said it expects free cash flow of around $0.4 billion
for the year.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
November 08, 2017 03:14 ET (08:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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