9 Chiswick Park
566 Chiswick High Road
London W4 5XT
Email: [email protected]
Phone No: 44 (0) 20 3249 9000
Website: www.tullowoil.com

Tullow Q3 2017 Highlights

  • Full year 2017 West Africa net oil production guidance, including production equivalent insurance payments, revised upwards to 85-89,000 bopd (from 78-85,000 bopd), following strong production performance from both TEN and Jubilee.
  • TENFPSO commissioning completed; 2017 gross production now expected to exceed guidance of 50,000 bopd following higher rates in the second half of the year; final ITLOS tribunal decision results in no adverse impact to the TEN fields and allows development drilling to resume in early 2018.
  • Greater Jubilee Full Field Development Plan approval received from the Government of Ghana – drilling to commence in 2018; Jubilee turret remediation work optimised and now planned for 2018 with seven-to-nine weeks of total shut-down.
  • Uganda farm-down submitted to the Government for approval following signature of pre-emption documentation; deal completion expected in the first half of 2018. Working towards FID in the first half of 2018, with FEED and ESIAs for upstream and pipeline progressing in line with schedule.
  • South Lokichar Exploration and Appraisal drilling campaign now concluded, results being evaluated and incorporated in the development plans. Early Oil Pilot Scheme (EOPS) is now expected to commence early in 2018.
  • Araku-1 wildcat well drilled in Block 54 in Suriname; no significant reservoir quality rocks encountered, but presence of gas condensate de-risks deeper plays for future possible exploration.
  • 2017 Capex guidance reduced to c.$0.3 billion; free cash flow of around $0.4 billion forecast for 2017; Net debt at 31 October 2017 reduced to $3.6 billion. The RBL re-financing is on schedule to complete before year-end.