Independents adjust Africa exploration focus

摘要

London-listed upstream independents focused on Africa continue to prioritise shoring up their balance sheets to ride out the lower oil price environment. But some firms are eyeing new opportunities to boost exploration activity. Tullow Oil expects its 80,000 b/d Tweneboa, Enyenra and Ntomme (Ten) project, in Ghana’s Deepwater Tano offshore block, to come on stream within weeks. The start-up will boost the firm’s cash flow at a time when problems at the 120,000 b/d Jubilee field, offshore Ghana, have prompted it to cut its 2016 west Africa oil production guidance to 62,000-68,000 b/d from 73,000-80,000 b/d. The new guidance includes 11,000 b/d of expected Ten output net to Tullow.