Tullow Oil plc will inject IS$160 million in capital spending in its Ghana operations in 2024, the company said in its 2023 full-year report.
The company intend to also spend US$60 million on non-operated portfolio, US$10 million in Kenya and US$20 million in exploration.
In all, Tullow hopes to spend US$250 million in capital expenditure for the year 2024.
The African focus independent firm has planned decommissioning spending of US$50 million for the UK and Mauritania and a US$20 million provision for Ghana and Gabon.
Tullow expects to generate more than US$600 million in free cash flow in 2024 and 2025.
Tullow also reiterated its guidance for US$200-300 million of free cash flow this year at the US$80 a barrel level for crude, largely driven by the timing of revenue receipts for 18 to 19 cargoes lifted in Ghana during the year.
Source: https://energynewsafrica.com
