Tullow Oil, an oil exploration business based in London, reported a $110 million deficit for the 2023 fiscal year.
The company’s full-year results were released on March 6, 2024, after which this announcement was made.
The loss is due to the harm associated with the Tweneboa, Enyenra, and Ntomme (TEN) development; these fields are experiencing a decline in productivity.
The $49 million profit Tullow made in 2022 stands in stark contrast to its current financial loss. Notwithstanding the decline in profitability, the company’s sales for 2023 stayed substantial at $1.6 billion, down from $1.7 billion in the previous year.
Rahul Dhir, the CEO of Tullow Oil, described 2023 as a year filled with noteworthy accomplishments. Among these accomplishments is the start of the Jubilee South East project, which has increased the amount of material produced in the main operating field.
Mr. Dhir emphasized how the sale of associated gas in Ghana created a new source of income and how a license in Gabon increased reserves.
He underlined the business’s capacity to produce free cash flow ahead of schedule in spite of obstacles like falling oil prices. In addition, Tullow Oil proved it has access to long-term funding by obtaining a $400 million financing facility arrangement with Glencore.
Dhir expressed the company’s forward-looking dedication to capital efficiency, operational excellence, and strategic investments that spur growth. He conveyed his faith in Tullow’s capacity to provide significant returns for stakeholders, host countries, and investors.