{"id":12829,"date":"2022-11-16T07:29:48","date_gmt":"2022-11-16T07:29:48","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12829"},"modified":"2022-11-16T07:33:26","modified_gmt":"2022-11-16T07:33:26","slug":"tullow-oil-november-trading-statement-operational-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-november-trading-statement-operational-update\/","title":{"rendered":"Tullow Oil November Trading Statement &#038; Operational Update"},"content":{"rendered":"<p><strong>OPERATIONAL UPDATE<\/strong><\/p>\n<p><strong>Production<\/strong><\/p>\n<ul>\n<li>Group net working interest production averaged c.61.8 kboepd to end October 2022, in line with guidance.<\/li>\n<li>Full year production guidance for 2022 narrowed from 60-64 kbopd to 61-62 kbopd.<\/li>\n<\/ul>\n<table border=\"0\" width=\"99%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"49%\">\n<p align=\"left\"><b>Group average working interest production<\/b><\/p>\n<\/td>\n<td width=\"50%\">\n<p align=\"center\"><b>FY 2022 guidance (kboepd)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"49%\">\n<p align=\"left\">Ghana<\/p>\n<\/td>\n<td width=\"50%\">\n<p align=\"center\">45<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"49%\">\n<p align=\"left\">\u00a0\u00a0\u00a0\u00a0<i>Jubilee<\/i><\/p>\n<\/td>\n<td width=\"50%\">\n<p align=\"center\"><i>32<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"49%\">\n<p align=\"left\">\u00a0\u00a0\u00a0\u00a0<i>TEN<\/i><\/p>\n<\/td>\n<td width=\"50%\">\n<p align=\"center\"><i>13<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"49%\">\n<p align=\"left\">Non-operated portfolio<\/p>\n<\/td>\n<td width=\"50%\">\n<p align=\"center\">17<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"49%\">\n<p align=\"left\"><b>Total<\/b><b>\u00a0production<\/b><\/p>\n<\/td>\n<td width=\"50%\">\n<p align=\"center\"><b>61-62<\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Jubilee<\/strong><\/p>\n<ul>\n<li>Jubilee production to end October was c.32.1 kbopd net to Tullow (gross c.84.5 kbopd).<\/li>\n<li>Four wells have been brought onstream this year; two new water injectors, a new producer and a previously drilled water injector.<\/li>\n<li>Two new Jubilee South East production wells are planned to be drilled before year end, and a further two wells (one producer and one water injector) are planned to be drilled in the first half of 2023; these four wells are expected to be brought onstream in 2023 and are expected to add material production in 2023 and beyond.<\/li>\n<li>Continued strong operating performance since Tullow took over Operations &amp; Maintenance of the Jubilee FPSO, with uptime of over 98%.<\/li>\n<\/ul>\n<p><strong>TEN<\/strong><\/p>\n<ul>\n<li>TEN production to end October was c.12.6 kbopd net to Tullow (gross c.23.8 kbopd).<\/li>\n<li>Two wells have been brought onstream this year; a new Enyenra producer and a previously drilled Enyenra water injector, helping to offset natural decline in the Enyenra field.<\/li>\n<li>The second of the two wells drilled in the Ntomme riser base area (Nt11-P) found poorer than expected reservoir quality and did not encounter economically developable resources.<\/li>\n<li>The Joint Venture (JV) partners continue to evaluate the results of these wells to optimise future drilling plans on the TEN fields.<\/li>\n<\/ul>\n<p><strong>Non-operated<\/strong><\/p>\n<ul>\n<li>Production to end October from the non-operated portfolio was c.17.1 kboepd net to Tullow, and guidance for the full year remains c.17 kboepd.<\/li>\n<li>In Gabon, the Wamba discovery well has been tied back to the Tchatamba facilities in September and will now undergo a long-term well test. The well is currently producing c.2 kbopd gross, of which Tullow has a 25% share.<\/li>\n<li>In C\u00f4te d\u2019Ivoire, a 45 day shutdown of the FPSO at the Espoir field is underway to carry out cargo tank maintenance and remediation work, which is required for vessel class certification. Tullow continues to engage with the operator, CNR International, to define the appropriate longer-term course of action for the FPSO.<\/li>\n<\/ul>\n<ul>\n<li><strong>Exploration<\/strong><\/li>\n<\/ul>\n<ul>\n<li>In C\u00f4te d\u2019Ivoire Block CI-524, Tullow, together with JV partner PetroCi, continues preparations for an exploration well. CI-524 presents a unique opportunity to realise operational synergies due to its proximity to Tullow\u2019s producing fields and to leverage Tullow\u2019s experience of the Tano Basin.<\/li>\n<li>In Gabon, Tullow, together with JV partner Perenco, have focused on maturing the prospective resource base within the Simba licence, where several low-risk and compelling investment options adjacent to infrastructure have been high-graded for near term drilling programmes.<\/li>\n<\/ul>\n<p><strong>FINANCIAL UPDATE<\/strong><\/p>\n<ul>\n<li>\u200b\u200b\u200b\u200bFull year Group capital investment and decommissioning expenditure guidance has been reduced to c.$360 million and c.$80 million, respectively, following deferral of activity and continued focus on cost reductions.<\/li>\n<li>As a result, full year free cash flow\u00a0guidance has been increased to c.$250 million, subject to year-end working capital movements, assuming an average oil price of $95\/bbl for November and December.<\/li>\n<li>Balance sheet strengthening is on track to achieve cash gearing of less than 1.5x by year end.<\/li>\n<\/ul>\n<p><strong>Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:<\/strong><\/p>\n<p><i>\u201cIn the first 10 months of the year, Tullow has delivered on its operating and financial targets as we successfully deliver our business plan despite the disappointment of the two strategic Ntomme wells. Our producing assets continue to perform well, in line with expectations, and as a result we have narrowed our full year production guidance to 61-62 kboepd. We continue to strengthen our balance sheet, with free cash flow guidance for 2022 increased to $250 million and gearing on track to be less than 1.5 times by the end of the year.\u201d<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPERATIONAL UPDATE Production Group net working interest production averaged c.61.8 kboepd to end October 2022, in line with guidance. Full year production guidance for 2022 narrowed from 60-64 kbopd to &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-november-trading-statement-operational-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":7550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7447,7442,11,7444],"tags":[10645,10590,944,997,2571],"class_list":["post-12829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-africa","category-countries","category-top-news","category-west-africa","tag-cote-divoire-2","tag-espoir-field","tag-gabon","tag-ghana","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3kV","jetpack-related-posts":[{"id":13936,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ghana-tullow-oil-operational-update\/","url_meta":{"origin":12829,"position":0},"title":"GHANA: Tullow Oil Operational Update","author":"","date":"September 13, 2023","format":false,"excerpt":"Jubilee Gross oil production from the Jubilee field averaged 72.4 kbopd (net: 28.2 kbopd) in the first half of the year. This was slightly below expectations largely due to reduced water injection in late 2022 and into the first quarter of 2023, which has since been rectified in February 2023.\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/Tullow-Ghana-OVID.jpg?fit=450%2C600&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14248,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-provides-2023-operational-performance-2024-outlook\/","url_meta":{"origin":12829,"position":1},"title":"Tullow Oil Provides 2023 Operational Performance 2024 Outlook","author":"","date":"March 6, 2024","format":false,"excerpt":"Operational performance In 2023, full year working interest production averaged 62.7 kboepd, including 6.9 kboepd of gas. Group working interest production is expected to increase year-on-year and our guidance range for 2024 is 62-68 kboepd, including c.7 kboepd of gas production. Group working interest production (kboepd)FY 2023FY 2024 GuidanceGhana\u00a0oil42.648\u00a0 \u00a0Jubilee\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12436,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-provides-july-trading-statement-operational-update\/","url_meta":{"origin":12829,"position":2},"title":"Tullow Oil Provides July Trading Statement &#038; Operational Update","author":"","date":"July 13, 2022","format":false,"excerpt":"Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today: \u201cIt is two years since I joined Tullow and today, we are in a very different place. A relentless focus on costs, capital discipline and operating performance is ensuring delivery of our business plan. We have also added unhedged production\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14659,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-focus-on-cost-efficiency-and-production-optimisation-in-2025\/","url_meta":{"origin":12829,"position":3},"title":"Tullow Oil to Focus on Cost Efficiency and Production Optimisation\u00a0in 2025","author":"","date":"January 31, 2025","format":false,"excerpt":"2025 Outlook \u2013 Cost efficiency and production optimisation driving continued cash generation Operational Group working interest production expected to average between 50 to 55 kboepd, including c.6 kboepd of gas and inclusive of a two-week maintenance shutdown planned on the Jubilee field in the first half of the year, with\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11706,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-concentrate-on-it-producing-assets-in-2022\/","url_meta":{"origin":12829,"position":4},"title":"Tullow Oil to Concentrate on it Producing Assets in 2022","author":"","date":"January 26, 2022","format":false,"excerpt":"2022 Outlook Group working interest oil production guidance is 55 to 61 kboepd. This forecast is based on Tullow\u2019s existing equity interests in TEN (47.175%) and Jubilee (35.48%) and will be adjusted following completion of the pre-emption of the sale of Occidental Petroleum\u2019s interest in Ghana to Kosmos Energy. The\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13410,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-announces-its-full-year-results\/","url_meta":{"origin":12829,"position":5},"title":"Tullow Oil Announces its Full Year Results","author":"","date":"March 9, 2023","format":false,"excerpt":"Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today: \u201c2022 saw Tullow successfully deliver against our business plan. A high focus on cost control and a disciplined approach to operational efficiency has driven a very strong performance for the year, with group production in line with guidance and expectations,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12829"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12829\/revisions"}],"predecessor-version":[{"id":12830,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12829\/revisions\/12830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/7550"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}