Tullow Oil, in collaboration with its Joint Venture Partners, is gearing up for a temporary suspension of drilling operations in Ghana later this year. The cessation is slated for 2024, with intentions to resume operations in 2025 following a procurement process for a new rig.

Rahul Dhir, the Chief Executive of Tullow, expressed optimism about the company’s trajectory, citing the successful execution of its business plan in 2023 as a significant milestone.

Dhir anticipates Tullow generating approximately $600 million of free cash flow over the next two years, with a target of reaching $800 million from 2023 to 2025, based on assumed oil prices at $80 per barrel.

Tullow emphasized its commitment to leveraging assets for production growth while maintaining operational excellence and capital discipline.

Source: Graphic News