Africa-focused independent oil and gas producer Tullow Oil Plc has raised its 2026 free cash flow guidance after stronger-than-expected production from its offshore Ghana fields and higher realised oil prices boosted first-half performance.
The London-listed company said group working interest production averaged about 43,700 barrels of oil equivalent per day (boepd) in the first six months of 2026, including around 7,500 boepd of gas.
Gross production from the Jubilee field averaged about 70,800 barrels of oil per day, while output from the TEN field averaged about 14,800 barrels per day, both exceeding the company’s expectations.
Tullow said three new production wells brought onstream under its 2025-26 drilling campaign performed in line with or above expectations, supported by reservoir insights from 4D seismic surveys. Floating production, storage and offloading (FPSO) uptime at the Jubilee and TEN fields averaged more than 99% during the period.
Chief Executive Ian Perks said the company’s operational performance, together with higher-than-expected oil prices, had strengthened its financial outlook.
“We have delivered a strong operational performance in the first half of 2026, driven by our new wells performing ahead of expectations, production optimisation activities delivering tangible benefits and consistently high uptime across our assets,” Perks said.
First-half sales revenue rose to about $496 million, including approximately $47 million in hedge costs. Average pre-hedge realised prices for six crude cargoes were about $95 per barrel, while post-hedge realised prices averaged about $86 per barrel.
The company generated pre-financing cash flow of about $135 million and free cash flow of about $4 million after interest payments and one-off refinancing costs.
Gross debt fell by about $100 million to $1.6 billion at the end of June, while net debt stood at about $1.4 billion.
Reflecting the stronger performance, Tullow raised its full-year free cash flow guidance to between $170 million and $250 million at an oil price range of $70-$100 per barrel, up from its previous forecast of $70 million to $175 million.
The company said it now expects 2026 production to be at the upper end of its guidance range of 34,000-42,000 boepd and plans to lift 14 crude cargoes during the year, two more than previously forecast.
Founded in 2006, Genser Energy has grown into one of West Africa’s integrated energy companies, supplying electricity to industrial customers and utilities while investing in natural gas infrastructure.
Before Oppenheimer Partners’ investment, the company had developed five operating power plants and a 325-km natural gas pipeline network, becoming a key supplier of energy to Ghana’s industrial sector.
During the investment period, Genser expanded its infrastructure by adding about 110 km of natural gas pipeline, constructing a 200 million standard cubic feet per day gas conditioning plant in Prestea and entering Côte d’Ivoire through cross-border electricity exports.
“This transaction marks an important milestone for Genser Energy and reflects the strength of the business we have built over the past two decades,” Baafour Asiamah Adjei, the company’s founder, president and chief executive, said.
Chairman Nana Osae Nyampong said the buyback would enable the company to focus on its next phase of growth.
“As we look ahead, we remain focused on expanding our regional presence and creating long-term value for our customers, communities, employees and shareholders,” Nyampong said.
The transaction comes as infrastructure investors increasingly target Africa’s energy sector, where rising industrial demand and regional power integration are driving investment in gas pipelines, power generation and cross-border electricity trade.
Genser said it remains positioned for further expansion through continued investment in strategic energy infrastructure across West Africa.
The company operates more than 310 megawatts of installed generation capacity and owns a 436-km privately developed natural gas pipeline network in Ghana.
It is also completing major midstream projects, including a gas conditioning plant and a natural gas liquids export terminal, while supplying power to industrial customers and utilities and participating in regional electricity exports.
