As part of its plans to reduce its debt below $1.0 billion, Tullow Oil Plc will inject as much as it can from mature assets in West Africa in 2025.
The oil giant has been chipping away at borrowings accumulated during its days as a free-spending wildcatter.
Former Chief Executive Officer Rahul Dhir, who left earlier this year, retooled the producer to focus on established assets in Ghana rather than extensive exploration in an effort to shore up finances.
The firm said that in its 2024 Financial Year Report that its priorities in the year ahead are to progress its refinancing plan, optimise production activities at Jubilee and TEN, and grow the reserve base.
In particular, it said “We are leveraging advanced technologies and innovative approaches to minimise decline and extend the life of these fields and we have absolute confidence in the Jubilee field to deliver material cash flows and provide the business with optionality for returns and growth, once our net debt target of below $US1.0 billion is reached”.
It added that the repayment of the 2025 Notes combined with the ongoing work to address its upcoming debt maturities will continue to strengthen its balance sheet.
In the near-term, Tullow said it will maintain its focus on costs and financial discipline, prioritising high returns and focusing on investments that add value.
“As we continue to reduce our debt and optimise our capital structure, our balance sheet will grow stronger and we will be well-positioned to create lasting economic and social value for all stakeholders”, said Richard Miller, Chief Executive Officer of Tullow.
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