LONDON (dpa-AFX) - Tullow Oil Plc (TLW.L), a British oil and gas exploration company, in an update on Wednesday posted a rise in revenue and oil production for the fiscal 2022.
Rahul Dhir, CEO, Tullow Oil, said: 'Strong operational delivery, rigorous focus on costs and capital discipline, the increased equity in our key operated fields in Ghana and higher oil prices drove material, expectation-beating free cash flow generation in 2022, accelerating the Group's deleveraging towards a net debt to EBITDAX ratio of 1.3 times by the year-end.'
For the full-year, the company recorded revenue of around $1.7 billion, compared with last year's $1.27 billion. Oil production was at 61.1 kboepd, higher than last year's 59.2 kboepd.
Full year capital expenditure stood at circa $354 million as against $263 million of 2021.
Looking ahead, for 2023, the Group expects oil output of 58 kboepd to 64 kboepd.
For 2023, Tullow plans to invest around $400 million, of which circa $300 million in Ghana, primarily in Jubilee, including over $100 million in infrastructure.
In 2023, the firm forecasts Jubilee production to exceed 100 kbopd once the new wells drilled in the southeast of the field are brought on stream.
The company anticipates its capital investment this year, in particular in Ghana to support production growth through to 2025 and material free cash flow generation.
The Group's 2022 fiscal results are scheduled to be released on March 8.
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