Page 12 - AfrOil Week 47 2021

AfrOil PROJECTS & COMPANIES AfrOil

The TEN fields lie within the Deep Water Tano (DWT) block (Image: Tullow Oil)

The company said production had averaged expected to increase gross production, espe-
59,400 barrels per day (bpd) of oil as of the end cially from Jubilee field, to over 85,000, while
of October, while full-year guidance remained a planned maintenance shut-down previously
unchanged in a range of 58,000-61,000 barrels slated for September is now anticipated in April.
of oil equivalent per day (boepd). Full-year underlying operating cash flow is
However, production guidance for next year expected to be around $600mn, with free cash
will be provided in Tullow’s trading statement flow (FCF) forecast at $100mn.
in January 2022, after programmes and budg- The company also expects to receive $75mn
ets are agreed with the company’s joint venture from Total following a final investment deci-
partners.Across Tullow’s portfolio, these include sion (FID) for the Lake Albert Development in
Ghana National Petroleum Corp. (GNPC), Kos- Uganda, adding that it is uncertain whether the
mos Energy (US), and PetroSA (South Africa). final parliamentary approval will be received
Drilling campaign is currently on track with before year end. Therefore this payment may
three of the four wells that were planned in 2021 occur in early 2022.
now on stream. The Jubilee field’s production Tullow’s 2021 capital expenditure is pres-
amounted to 28,700 boepd net to Tullow, from a ently expected to total $265mn, which is up
gross of 81,000 boepd. from $260mn, which was adjusted to take into
Tullow has added three new wells and is account revised expenditure from Kenya. ™

Limbe refinery’s future still uncertain

despite deal on debt restructuring

CAMEROON THE future of Cameroon’s decrepit Limbe refin- Minister of Water and Energy Gaston Eloun-
ery continues to be questioned despite a recent dou said in December 2020 that while “technical
deal to restructure the facility’s debt. and financial partners [had] expressed interest
The 42,000 barrel per day (bpd) Societe in the reconstruction of this refinery], any reha-
Nationale de Raffinage (SONARA) unit was bilitation work would depend on its debt being
crippled by a fire in mid-2019 and has not yet restructured first.”
returned to operations. Meanwhile, plans are Last month, SONARA signed a deal with
srtill under consideration to develop a larger a group of banks to restructure XAF261.4bn
refinery at the deepwater port of Kribi. ($450mn) in debt during a meeting presided
The cost of repairing the former plant over by Finance Minister Louis Paul Motaze.
was estimated last year by the government at The banks included UBA, SGC, Afriland First
XAF250bn ($462mn), though the country’s Bank, Ecobank, BEAC and BICEC.

P12 www. NEWSBASE .com Week 47 24•November•2021