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Tullow hikes capital expenditure budget by 35% to $570M in 2019

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Tullow hikes capital expenditure budget by 35% to $570M in 2019

Tullow Oil PLC has budgeted $570 million for its 2019 capital expenditures for operating activities, up almost 35% from $425 million in 2018.

The company will earmark $250 million for the Ghana field, $100 million for West Africa, $70 million for Kenya pre-development, $10 million for Uganda post-completion and $140 million for exploration and appraisal.

Tullow will focus its exploration drilling program in Guyana and conduct geophysical surveys in Cote d'Ivoire, Comoros and West Africa.

The London-based oil producer is targeting production of 97,000 barrels of oil per day, up from 88,200 bbl/d in 2018. The estimate comes from production in the fields of Ghana, Equatorial Guinea, Gabon and Cote d'Ivoire.

Gas production is expected to reach 98,000 barrels of oil equivalent per day, up from the previous year's 90,000 boe/d.

Tullow said it will also drill seven new wells in the TEN and Jubilee fields in Ghana and plans to complete the farm-in agreement with the Government of Uganda during the first half of 2019.