April 17, 2024
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OIL & GAS

Tullow Oil to Invest $160 Million in Ghana Operation in 2024

Tullow Oil plc will inject $160 million in capital spending in its Ghana operations in 2024, the company said in its 2023 full-year report.

The African-focused oil firm intends to also spend $60 million on the non-operated portfolio, $10 million in Kenya and $20 million in exploration. In all, Tullow hopes to spend $250 million in capital expenditure for the year 2024.

It has also planned decommissioning spending of $50 million for the UK and Mauritania and a $20 million provision for Ghana and Gabon.

Tullow Gets 23 Years Extension of its Licences

Tullow, according to Energy News Africa, expects to generate more than $600 million in free cash flow in 2024 and 2025.

Tullow also reiterated its guidance for $200-300 million of free cash flow this year at the $80 a barrel level for crude, largely driven by the timing of revenue receipts for 18 to 19 cargoes lifted in Ghana during the year.

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