Tuesday 17 October 2017

Tullow project to deliver oil 'within weeks'

Aidan Heavey, Tullow Oil CEO
Aidan Heavey, Tullow Oil CEO
Michael Cogley

Michael Cogley

Irish oil explorer Tullow Oil is expecting its Ghanaian Ten Project to deliver oil within the next three to six weeks - its first since the undertaking began three years ago.

The company said it expects a dip in revenue in the first half of the year, predicting $500m (€450.3m) compared to $800m in the same period last year.

Tullow Oil chief executive Aidan Heavey expressed his delight the Ten Project was to start producing oil.

"This transformational project has remained on schedule and on budget since it began in 2013. Production at Jubilee has stabilised with a gross rate in June of around 90,000 barrels of oil per day (bopd)," he said.

The firm's full year capital expenditure guidance has remained consistent at $1bn with some savings being offset by addition capex associated with a technical issue regarding production in the Jubilee field.

Tullow estimated net debt at the end of June at $4.7bn with unutilised debt capacity and free cash volumes of around $1bn.

Irish Independent

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