Oil and gas explorer says start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations. West Africa-focused Tullow Oil said on Wednesday it was on track to deliver about $600 million free cash flow over the next two years to achieve its stated target of $800 million from 2023 to 2025.
The London-listed oil and gas explorer said the start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations, adding that the year-end net debt was reduced by about $250 million to $1.6 billion.
“Continued delivery of our business plan in 2023 resulted in a major inflection point as we moved from a period of investment focus to delivery of free cash flow growth,” chief executive Rahul Dhir.
“We are on track to deliver $600 million free cash flow over the next two years to achieve our stated target of $800 million of free cash flow from 2023 to 2025 at $80/bbl,” he said.
Source: rishtimes.com