Tullow Oil says massive TEN project 75pc complete and on track for first oil
Published 11/11/2015 | 07:45
Irish-listed Tullow Oil has said that its TEN development project is "75pc complete" and on track to deliver first oil by the middle of next year.
The TEN project is a series of oil fields in Ghana, on which Tullow is the operator. It has the potential to deliver up to 80,000 barrels a day, which would make it one of the largest assets in Tullow's portfolio.
In a trading update published this morning the company said TEN "is around 75pc complete and on schedule and on budget to deliver first oil in mid-2016".
The firm reduced its capital expenditure budget from $1.9bn to $1.2bn.
The Africa-focused oil company also trimmed its full-year production forecast from its West African fields to 66,000-67,000 barrels of oil per day, down from 66,000-70,000 bpd previously.
Tullow said it expects full-year pretax operating cashflow of around $1 billion and net debt of $4.2 billion.
The oil producer is counting on a mid-2016 start-up of its TEN oilfields project in Ghana to boost a balance sheet that has been hit hard by the slump in crude prices since the middle of last year.