Tullow Oil cuts output guidance

Tullow Oil, an Africa-focused company has lowered its production forecast to 90, 000 or 98, 000  barrels per day (bpd) due to some technical issues at its Ghana fields which has been resolved. 

It had initially projected its output to be between 93,000 to 101,000 bpd and in the first three months of 2019, Tullow produced an average of 84600 bpd according to trading updates from the company.  Current production is now 90,000 bpd.

The company had a net debt of $3 billion with $1 billion liquidity and no near debt maturity as at March 31 2019.

The Dutch listed firm also sees a go ahead for its Uganda projects while output from Kenya has no definite timeline for operational output.  Three new licenses have been approved for the Malvinas West Basin in Argentina that would begin production in 2020.

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