Tullow Oil Plc has announced plans to maximize production from mature assets in West Africa as part of its strategy to bring net debt below $1 billion. The company has shifted its focus to established assets in Ghana, reducing exploratory spending to stabilize its finances.
Tullow’s recent $300 million asset divestment in Gabon has been well-received by investors, resulting in a 7.6% increase in share prices. While production in 2024 was lower than the previous year, the company remains optimistic about its financial strategy.
Richard Miller, Tullow’s interim CEO, stated, “We have absolute confidence in the Jubilee field to deliver material cash flows and provide the business with optionality for returns and growth, once our net debt target of below $1 billion is reached.”
Source: WorldOil.com
