Tullow Oil Raises 2017 West Africa Production Guidance

Tullow Oil PLC (TLW.LN) on Wednesday raised its full-year West Africa production guidance following strong production performances from the TEN and Jubilee fields in Ghana.

The independent oil & gas, exploration and production group now expects to produce 85,000 to 89,000 barrels of oil per day from West Africa, compared with previous guidance of 78,000-85,000 barrels of oil per day.

It didn't say how the fields have been producing to date, but at the time of its first-half earnings in July Tullow said West Africa net working interest oil production averaged 81,400 barrels of oil per day.

Tullow is keeping 2017 gas production guidance from its European portfolio at 5,500 to 6,000 barrels of oil equivalent per day. It said that production will be adjusted to reflect the sale of its Netherlands portfolio to Hague and London Oil once the deal completes later this month.

Tullow has also lowered its capital expenditure guidance to $0.3 billion, and said it expects free cash flow of around $0.4 billion for the year.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

November 08, 2017 03:14 ET (08:14 GMT)