Audio By Carbonatix
Oil giant Tullow Oil is expecting to rake in $200 million in free cash flow at an average oil price of $95 a barrel in 2022.
It however sees no cash flow in the first half of 2022 after an arbitration payment and an acquisition.
Tullow said a shareholder prospectus for its planned merger with Capricorn Energy will likely be published in the fourth quarter, with a vote on the deal around the end of the year.
In 2021, with lower oil prices, Tullow had a free cashflow of about $245 million, boosted by the sale of its Ugandan assets.
The firm is seeking an investor in its onshore oil project in Kenya, where a final investment decision is yet to be taken.
Tullow said it was confident it could make substantial progress in the second half of the year.
It expects to produce between 59,000-65,000 barrels of oil equivalent per day this year.
Tullow has hedged 42,500 barrels per day (bpd) this year at an average floor and call prices of $51 and $78 a barrel and 33,100 bpd in 2023 and 11,300 bpd in 2024 at $55 and $75 a barrel.
Latest Stories
-
University of Ghana to launch global alumni network app to reconnect graduates
4 minutes -
Mahama’s African Games forensic audit reveals over $40m in financial irregularities
28 minutes -
Russia threatens more Kyiv strikes and tells foreign nationals to leave
53 minutes -
I don’t wish NDC well; they’ve become a menace – Miracles Aboagye on NDC internal tensions
59 minutes -
Oil prices slide on hopes of US-Iran peace deal
1 hour -
John Mahama receives customized set of golf clubs ahead of 2026 Head of State Invitational Tournament
2 hours -
‘Recent cedi depreciation within reasonable limits compared to historic rates’ — Prof. Asuming
2 hours -
QNET donates football equipment to S-Inkoom Football Academy
2 hours -
NDC likely to witness fiercest internal contest – Miracles Aboagye
2 hours -
Over 300 actors audition for Big Ghun and Doreen Avio’s ‘Scarlett Unveiled’
3 hours -
MTN introduces 0.75% charges on MoMo-to-bank transfers from June 1
3 hours -
NDC urged to establish clear guidelines to manage growing political ambitions
3 hours -
Tarkwa-Nsuaem teachers declare strike over alleged assault of colleagues by military men
3 hours -
Ghana to ban styrofoam products from January 2027 in major anti-pollution drive
3 hours -
Ghana to host landmark global supply chain summit as EU deforestation deadline looms
3 hours