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Tullow Oil to focus on producing West African assets
StockMarketWire.com
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Oil company Tullow Oil said it would focus on its producing West African assets as part of a strategy overhaul.
The new plan would see over 90% of future capital expenditure devoted to the assets, with an option to generate additional returns from assest in Kenya and South America.
Tullow Oil also said its production to date in 2020 had averaged 75,000 barrels of oil per day, in line with expectations. Full-year guidance remained at 73,000-to- 77,000 bopd.
'Since joining Tullow in July 2020 I have been deeply impressed by the strength of the group's assets, especially in Ghana,' chief executive Rahul Dhir said.
'Following hard work by our team, and with input from our partners and external experts, we have a clear strategy and plan for the next 10 years.'
'The plan focuses our capital on a deep portfolio of short-cycle, high-return opportunities within our current producing asset base and will ensure that Tullow can meet its financial obligations and deliver material value for our host nations and investors.'
At 9:52am: (LON:TLW) Tullow Oil PLC share price was 0p at 22.63p
Story provided by StockMarketWire.com
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