Petroleum Africa
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Wednesday, March 10, 2021
In 2020, Tullow’s West Africa oil assets performed in line with expectations delivering average working interest oil production of 74,900 bopd. In 2021, working interest oil production is expected to average between 60,000 and 66,000 bopd. This forecast will be adjusted for the sales of the Equatorial Guinea and Dussafu assets once these transactions complete. As laid out at the Group’s CMD, investment focused on the Group’s cash generative producing assets in West Africa is expected to increase production in 2022 and sustain it for the longer term.
Tullow’s audited 2P reserves have increased from 243 mmboe at the end of 2019 to 260 mmboe at the end of 2020. Based on 27 mmboe of 2020 production, this represents an organic reserves replacement ratio of c.160%, underpinning the business plan presented at the CMD. This was largely driven by a 31.5 mmboe increase at Jubilee following improved field performance and the acceleration of development projects in the new plan. Tullow’s audited 2C resources decreased from 1,102 mmboe to 640 mmboe, largely resulting from the Uganda asset sale.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented: “After a year of significant change for Tullow we are now executing a robust, cash generative business plan which is focused on our most productive assets. We have transformed our cost base, implemented rigorous capital discipline and are well placed to benefit from higher oil prices. We will start a multi-year, multi-well drilling program in Ghana next month to deliver sustainable and profitable production growth. Our self-help initiatives will deliver c.$1 billion, including over $700 million from asset sales in the past year. Strong business delivery, increased liquidity and improving commodity prices support constructive refinancing discussions. Importantly, we are also announcing today that we intend to be Net Zero by 2030 as part of our commitment to sustainability. This commitment reflects our desire to work closely with Host Communities and Governments and our investors to deliver a long-term and sustainable business.”
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