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UK’s Tullow Oil Lifts Outlook On Increased Crude Costs, Output

LONDON, Nov eight (Reuters) – Tullow Oil raised its manufacturing targets on Wednesday thanks to larger output from its flagship West African fields and as greater crude prices brightened the outlook for the indebted British explorer.

The London-listed firm, which has had a heavy focus on Africa, struck a cautious word for the oil exploration enterprise regardless of a 46 percent rise within the oil worth within the three months to above $60 a barrel following a three years of weak prices.

“The offshore market remains to be depressed,” Chief Financial Officer Les Wood instructed Reuters. “It is going to take a bit of little bit of time in my expectation. Persons are waiting to see whether or not this rally solidifies and stays at this level.”

Tullow, which introduced its multi-billion Ghana area on stream near the bottom point of the oil price hunch, plans to continue reining in spending subsequent yr as it begins exploring for brand new sources in Suriname, Guyana and Jamaica, Wooden said.

Tullow additionally slashed its 2017 spending goal by a quarter to $300 million as a consequence of lower expenses in East Africa, the place it’s creating manufacturing, and reduced its debt to $three.6 billion whereas rising free cashflow to $four hundred million.

“We expect Tullow to generate historical nymex natural gas futures prices continued curiosity as Brent developments above $60 a barrel,” RBC Capital Markets mentioned in a observe.

Tullow shares traded 2.9 % greater at 0910 GMT.
Stronger-than-anticipated output from Ghana, the place it has deferred to 2018 major maintenance at its Jubilee discipline, helped Tullow raise its 2017 output goal to 85,000-89,000 barrels of oil equivalent per day (boepd) from a previous 78,000-85,000 boepd, including manufacturing-equal insurance coverage payments.

The repairs on the turret mooring system for Jubilee’s floating production storage and offloading (FPSO) vessel, which decreased output since March 2016, were now expected to take place in the first quarter of 2018 and lead to four to six weeks of shutdowns, Tullow stated.

Delayed maintenance and good performance from Jubilee helped increase its full-year manufacturing estimate to 89,000 boepd, of which Tullow owns 31,600 boepd.

Tullow is in the final phases of securing a rig to resume drilling at Ghana’s Tweneboa, Enyenra and Ntomme (TEN) fields in 2018, after a global tribunal ruling in September favoured Ghana in a dispute with neighbouring Ivory Coast.

Kosmos Energy Ltd , Anadarko Petroleum Corp , Ghana Nationwide Petroleum Corp and PetroSA also have stakes within the TEN venture.

Tullow, which was forced to abandon an exploration nicely offshore Suriname final month after failing to make a industrial discovery, mentioned internet debt fell to $3.6 billion at Oct. 31.

Tullow last month started talks with banks to refinance a $2.5 billion reserves-based lending facility over seven years and was on observe to finish this before the top of the yr, Wood mentioned.

(Further reporting by Arathy S Nair in Bengaluru; Editing by Keith Weir and Edmund historical nymex natural gas futures prices Blair)
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