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Tullow Plans $1.1 Billion CapEx For West African Ops In 2016;TEN Project
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Tullow Oil plc outlined recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2015.
The company also detailed it's preliminary 2016 outlook.
Aidan Heavey, Chief Executive, said: "In 2015, Tullow not only reset its business to deal with very difficult market conditions but also delivered on its key oper ational goals. Strong West African oil production supported by a significant hedge programme delivered pre-tax operating cash flow of $1 billion. We also made excellent progress on the development of the TEN Project which is on track to begin production in the middle of 2016 and we expect the Group to be producing around 100,000 bopd in West Africa in 2017.
In East Africa, steady progress has been made towards a potential development…
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