Tullow has announced that it will resume drilling in Ghana’s oilfields in May 2025.

This follows successful resolution to Ghana’s tax arbitration.

In a statement in advance of the Group’s 2024 Full Year Result, the UK oil giant said a successful resolution of the Ghana Branch Profits Remittance Tax arbitration, removes $320 million contingent liability, and endorses the sanctity of its petroleum agreements.

The firm recorded revenue of $1.5 billion at an average realised oil price (pre-hedging) of $80.2 per barrel.

Its net debt reduced to $1.45 billion and gearing of 1.3 times.

Operational Performance

In terms of operational performance, the full year working interest production averaged 61.2 kboepd in 2024, including 6.6 kboepd of gas.

Production from Jubilee oil field was estimated at 33.9 kbopd net (gross 87.0 kbopd), and TEN was 10.2 kbopd net (gross 18.5 kbopd).

Five new Jubilee wells, three producers and two water injectors were brought onstream in 2024, bringing that drill programme to an end, approximately six months ahead of schedule and with no recordable safety incidents.

Overall FPSO uptime at Jubilee and TEN averaged 97% in 2024.

Reserves and Resources

Reserves reduction included 22.4 mmboe of Group production in 2024 and a revision on Jubilee, where the estimated quantum of oil-in-place remains unchanged.

There was an upward revision of TEN reserves, supported by substantial progress towards a material reduction in fixed costs, including in relation to the FPS.