Africa focused company, Tullow Oil, has reviewed its full year production target from the
West African region upward. It has raised its production target from 63,000 –68,000boed to 66,000 –70,000boed.
The company’s producing assets includes 15 producing fields spread across six countries in the region. However, Ghana’s Jubilee field accounted for 57 percent of the company’s West Africa production in 2014. Gabon and E/Guinea production were 16.8 percent and 15.5 percent respectively, the rest is made up of production from Cote d’Ivore, Congo and Mauritania.
Tullow’s production is also set to get a significant boost when its TEN field offshore Ghana reached first oil by mid-2016. The production increase is welcome development from the company whose finances have taken a major hit from low oil prices. Tullow recorded a loss for the first time in 15 years in 2014 with share price plunging18 percent during the first half of 2015 and 26 percent in the year-to-date (YtD).