Tullow raises estimate on Kenyan oil finds

摘要

London-UK-based Tullow Oil raised Thursday the resource estimate of its Kenyan oil finds by a quarter and said it hopes to restart its Jubilee field offshore Ghana within days as it resolves a hitch which has sidelined the flagship asset for six weeks. The debt-laden producer also trimmed its spending plans this year and said it has agreed a deal with its lenders to extend its borrowing facilities, easing investor concerns over its balance sheet amid the oil price downturn. Ghana’s Jubilee oil field remains shut in due to technical glitches with its floating production, storage and offloading vessel, the company said, but new offtake procedures are being implemented allowing for loadings to resume “in the next few days with production to follow shortly thereafter.”