West Africa-focused Tullow Oil (TLW.L), opens new tab forecast annual production at the higher end of its forecast range on Wednesday and raised its free cash flow projection, encouraged by strong performance at its Ghana fields and better-than-expected oil price realisations.The company has been reshaping its business around Ghana by selling assets in Gabon and Kenya and […]
Tullow Oil forecast annual production to come in at the higher end of its outlook range on Tuesday, after a strong start to 2026 at the West Africa-focused independent oil and gas producer due to improved operations and an active drilling programme.
UK-based oil and gas company Tullow Oil has signed a sale and purchase agreement with TEN Ghana to acquire the Prof. John Evans Atta Mills FPSO for a gross consideration of $205 million.
Oil company Tullow Oil has today announced a broad capital revamp and a series of deals to deepen its presence in West Africa, as the heavily indebted firm moves to steady its operations and secure longer-term growth.
Tullow Oil plc is working to recover more than $200 million in outstanding payments from the Government of Ghana, a situation placing significant pressure on the London-listed company’s cash flow as it races to refinance its debt structure ahead of a May 2026 bond maturity. The receivables, which include approximately $100 million in gas payments, TEN development debt, and overdue cash calls, stood at over $200 million net to Tullow as of the end of October, according to the company’s November trading update.
The company is addressing outstanding issues including securing payment mechanisms for gas sales and an updated plan of development for the Jubilee oilfield.
Tullow became one of the UK’s hottest independent oil explorers after making major African discoveries in the late 2000s. But it took on huge debts to develop them, and in recent years struggled to bring Kenyan fields onstream. This year it agreed to sell the Kenyan deposits and offloaded assets in Gabon as it looks to pay down debt.
Tullow now expects output of 40,000-45,000 barrels of oil equivalent per day (boepd) for the year, down from 50,000-55,000 boepd projected earlier. It reported an average production of 40.6 kboepd in the first half, excluding Gabon.
Tullow Oil has agreed to sell its entire stake in Kenya to Auron Energy E&P, an affiliate of Gulf Energy Ltd, for a minimum cash consideration of $120 million.
The deal marks Tullow’s full exit from the East African country, where it holds 463 million barrels of 2C oil resources in the South Lokichar Basin.
The Tullow assets are set to produce around 10,000 barrels of oil a day this year, the company said, adding that it will use the funds to reduce its debt profile. The company has been setting up deals to sell assets and bring down debt ahead of $1.39 billion in maturities next year.