17th Nov 2021 11:24
(Alliance News) - Tullow Oil PLC on Wednesday kept annual production guidance unchanged, as it say it has made strategic progress throughout the year so far.
The London-based exploration and production company said its working interest output averaged 59,400 barrels of oil equivalent per day to the end of October, in line with expectations. As a result, the company kept its production guidance for 2021 unchanged with a range of 58,000 to 61,000 barrels of oil equivalent per day.
"We have delivered strong operational performance across both Jubilee and TEN this year and the Ghana drilling programme continues to be successful," said Chief Executive Rahul Dhir.
In Ghana, Tullow Oil said three of the four wells planned in 2021 now onstream. Jubilee field is currently producing 28,700 barrels of oil daily net to Tullow, while TEN field is currently producing 13,200 barrels of oil daily net.
Tullow Oil has exercised its right of pre-emption related to the sale of Occidental Petroleum Corp's interests in the Jubilee and TEN fields. As a result, Tullow's equity interests are expected to increase to 39% in the Jubilee field and 55% in the TEN fields.
"Elsewhere, the process to find a strategic partner in Kenya is progressing well and we have had success through selective infrastructure-led exploration with the Wamba well in Gabon," added Dhir.
Tullow Oil shares were trading 0.9% lower in London on Wednesday at 47.38 pence each.
By Evelina Grecenko; [email protected]
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