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Tullow Oil reports $110 million loss in 2023 due to TEN field challenges

London-based oil exploration company Tullow Oil disclosed a loss of $110 million for the fiscal year 2023. This announcement was made on March 6, 2024, following the release of the company’s full-year results.

The loss is due to an impairment in the Tweneboa, Enyenra, and Ntomme (TEN) development, whose fields are declining. Tullow’s deficit comes after it had made a $49 million profit in 2022.

Rahul Dhir, CEO of Tullow Oil, described 2023 as a year of great achievements. These accomplishments include the launch of the Jubilee South East project, which contributes to increased material production from the main operational field.

Mr. Dhir stated that the establishment of a new revenue stream in Ghana through the sale of associated gas, as well as the expansion of Gabon’s reserves through licence renewals.

Tullow Oil disclosed that production from the Jubilee South East project in July 2023 was a landmark moment, resulting in average daily rates that were 30% higher in the second half of the year than in the first, with rates above 100 kbopd.

The company anticipates the commencement of five new Jubilee wells in 2024, comprising three producers and two water injectors, further enhancing production capabilities.expects five additional Jubilee wells to come onstream in 2024.

Source: Energy Ghana