Tullow Oil says its Ghana drilling campaign is delivering encouraging results, strengthening confidence that production for 2026 will reach the upper end of its forecast range as operations at the Jubilee and TEN fields continue to perform strongly.
In a trading update released ahead of its Annual General Meeting on June 10, 2026, the company reported that group working interest production averaged 43,100 barrels of oil equivalent per day between January and May, including 7,300 barrels per day of gas production.
The performance places production above the company's previously announced guidance range of 34,000 to 42,000 barrels of oil equivalent per day and supports expectations of a stronger year.
Chief Executive Officer Ian Perks described the start of 2026 as a period of solid execution across the business, with Ghana remaining central to the company's growth strategy.
“Our drilling campaign in Ghana continues to progress well with encouraging results to date reinforcing our growing confidence in delivering production at the higher end of our guidance range.” - Ian Perks
Jubilee Drilling Programme Advances
Tullow confirmed that its six-well drilling programme at the Jubilee Field remains on schedule. The third production well, J76-P, is expected to come onstream this week after logging results indicated strong production potential.
Two additional producer wells, J77-P and J50-P, are scheduled to commence production in June and July respectively, while the final well in the programme, a water injection well, is expected to begin operations in September.
The company also reported exceptional operational reliability across its Ghanaian assets. Facility uptime at both the Jubilee and TEN Floating Production Storage and Offloading (FPSO) vessels averaged more than 99 percent between January and May, extending the strong operational performance recorded earlier in the year.
A major highlight of the update was confirmation that Ghana's Minister for Energy has approved the Greater Jubilee Plan of Further Development.
The approval paves the way for the drilling of up to 20 additional wells after completion of the current campaign, providing a significant boost to the long-term development of one of Ghana's most productive oil fields.
The decision is expected to support future production growth, enhance field recovery and strengthen investor confidence in Ghana's upstream petroleum sector.
Strong Oil Prices Support Cash Flow Outlook
Beyond operational gains, Tullow reported favourable market conditions that continue to support earnings. Average pre-hedge oil price realisations for cargoes sold between January and May stood at approximately US$96 per barrel, while the May Jubilee cargo achieved an impressive US$119 per barrel.
The company maintained its free cash flow guidance of between US$70 million and US$175 million for 2026, with the possibility of rising to as much as US$230 million if an additional cargo is delivered in December.
For Ghana, stronger output from Jubilee and TEN carries important implications for petroleum revenue, export earnings and foreign exchange inflows.
The latest update suggests that Ghana remains at the heart of Tullow's operational recovery, with strong production performance, high facility uptime and approved expansion plans positioning both the company and the country's petroleum sector for a potentially stronger year ahead.
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