TULLOW TO RESUME DRILLING IN GHANA’S OILFIELDS IN MAY 2025

Tullow has announced plans to restart drilling operations in Ghana’s oilfields in May 2025, following the successful resolution of its tax arbitration with the Ghanaian government.


google.com


In a statement ahead of its 2024 Full-Year Results, the UK-based oil giant confirmed that settling the Ghana Branch Profits Remittance Tax dispute has eliminated a $320 million contingent liability and reaffirmed the integrity of its petroleum agreements.


For 2024, Tullow reported revenue of $1.5 billion, with an average realized oil price (pre-hedging) of $80.2 per barrel. The company also reduced its net debt to $1.45 billion, achieving a gearing ratio of 1.3 times.


Operational Performance


Tullow’s full-year working interest production averaged 61.2 kboepd, including 6.6 kboepd of gas.

 • Jubilee Oil Field: Production stood at 33.9 kbopd net (87.0 kbopd gross).

 • TEN Field: Output was 10.2 kbopd net (18.5 kbopd gross).


In 2024, Tullow completed drilling five new Jubilee wells—three producers and two water injectors—six months ahead of schedule and with no recordable safety incidents.


The FPSO uptime at both Jubilee and TEN fields averaged 97% throughout the year.


Reserves and Resources


Tullow’s reserves declined, reflecting 22.4 mmboe of Group production in 2024 and a revision at Jubilee, despite the estimated oil-in-place remaining unchanged. However, reserves at TEN were revised upward, supported by significant progress in reducing fixed costs, particularly related to the Floating Production System (FPS).


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