Tullow cuts production forecast and delays FIDs

The Africa-focused oil firm is struggling with technical problems and protracted negotiations with host governments

Tullow Oil has revised down its production forecast for the full year 2019 due to drilling problems in Ghana and the timing of final investment decisions (FIDs) for other projects in Kenya and Uganda, in which has a stake, remain highly uncertain. On announcing its first half results today, the London-based company stated that it now expected its share of oil production from West Africa—where all its producing assets are located—to be in the 89,000-93,000bl/d range for the full year 2019. It had estimated 93,000-101,000bl/d at the start of this year. Most of Tullow's production comes from Ghana, where it operates the Jubilee and TEN developments. The firm's other production comes from non-op