Tullow Oil PLC (LSE:TLW) maintained its production guidance as it flagged up potential opportunities as the majors beat a retreat from offshore Africa.
The group, which derives much of its production from the Jubilee and TEN fields offshore Ghana, said output would be in the order of 59-65,000 barrels of oil equivalent per day.
Turning to potential growth opportunities, chief executive Rahul Dhir will tell the company’s annual meeting later that the industry is in a state of change with Big Oil shifting its focus away from Africa.
“As a responsible operator with a long history in both West and East Africa, Tullow is uniquely positioned to benefit from the opportunities presented by this period of flux,” he will say.
“The board and I are determined that Tullow takes advantage of those opportunities as they appear, and we would not be able to do this without the hard work that we have undertaken over the past two years to address the issues our company faced.”
The company was able to ‘reset’ after reorganising its debt via a ‘landmark’ US$1.8bn bond issue.