Page 8 - AfrOil Week 37 2022

AfrOil PERFORMANCE AfrOil

Tullow records fall

in first half output,

mainly owing to

Ghana facility

shutdown

WEST AFRICA AFRICA-FOCUSED Tullow Oil reported a fall
in first-half production largely owing to a 15-day
shutdown of the Jubilee facility in Ghana, and
has narrowed its full-year guidance.
Tullow’s revenue for the first half of 2022
reached $846mn, up from $727mn a year before.
Profit after tax was $264mn, up from $93mn in
the first half of 2021. shutdown of the Jubilee facility, the natural
“The turnaround of Tullow has gained decline in TEN [also in Ghana] and the sale
momentum in the first half of 2022, with solid of Equatorial Guinea and the Dussafu asset in
production from our West African portfo- Gabon in 1H21, offset by increased Jubilee pro-
lio driving stronger financial performance,” duction outside the maintenance shutdown
Tullow’s CEO, Rahul Dhir, commented. period,” Tullow said.
“We added material, unhedged production “Gross production from the Jubilee field aver-
in Ghana through the pre-emption of the Kos- aged 82,400 bpd (net: 30,800 bpd) in the first half
mos-Oxy deal and took over the Operations of the year, representing an increase of more than
& Maintenance (O&M) of the Jubilee FPSO to 15% compared to the first half of 2021.”
ensure that we can sustain the good operating This is significant as production for the first
performance and deliver further operating cost half reached almost 60,900 barrels of oil equiva-
improvements. Our drilling programme has lent per day, with Tullow now guiding full-year
been very efficient and at current performance volumes of 60,000-64,000 boepd. Ghana con-
levels we will be able to deliver our planned pro- tributed 43,300 boepd of this amount.
gramme of wells through next year with just one The oil developer attributes the 15% increase
in gross production to good well and operational
Tullow “remains rig.” Tullow “remains fully committed” to a merger performance, which included the successful
fully committed” with Egypt-focused Capricorn Energy Plc, he completion of the planned, biennial mainte-
to a merger with said, in an all-share deal combining resources in nance shutdown of the Jubilee FPSO in May.
Production from the TEN field averaged
Africa and opening up opportunities for expan-
Egypt-focused sion across the continent. 24,300 barrels per day (bpd) of oil, or 12,500 bpd
“We firmly believe that the proposed merger on a net basis in H1, in line with expectations.
Capricorn Energy. has the potential for material value creation by Net production from the non-operated port-
implementing a combined business plan which folio averaged 17,600 boepd in the first half of
accelerates investment in key projects and deliv- 2022, also in line with expectations.
ers very significant synergies,” Dhir said. Production from Gabon averaged 15,500
Combined, Tullow and Capricorn will have bpd in the first half of 2022, with Simba being
a market capitalisation of about GBP1.5bn the highest contributor. A long-term appraisal
($1.9bn) and own 1bn barrels of resources across well test at the Tchatamba field is underway and
Africa. Output is expected to reach 120,000 bar- expected to see first oil in September 2022. Infill
rels a day by 2025. drilling campaigns continue at the Ezanga Com-
Meanwhile, during the first six months of plex and Oba field.
2022, total group working interest production Production from Cote d’Ivoire averaged
averaged 60,856 barrels of oil equivalent per day 2,100 boepd in the first half of 2022. A 45-day
(boepd) down from 61,230 boepd in the first half shutdown of the Espoir FPSO is now planned
of 2021. from October 2022, in which cargo tank mainte-
“The marginal decrease in production pri- nance and remediation work, which is required
marily resulted from the 15-day maintenance for vessel class certification, will be carried out.™

P8 www. NEWSBASE .com Week 37 15•September•2022