Tullow Ups 2018 Output Forecast, Provisions For Seadrill Claim

Tullow Oil on June 28 raised its 2018 production outlook to between 86,000 and 92,000 barrels of oil per day (bbl/d) from between 82,000 and 90,000 bbl/d, boosted by its offshore fields in Ghana.

The Africa-focused firm said it has contracted a second rig for its Ghana fields to start work in October on three wells, without increasing its capex program.

Tullow said it is preparing for the London Commercial Court to decide on a $277 million claim brought by Seadrill over the termination of the West Leo rig contract for force majeure in Ghana. Tullow has set aside $128 million in case it loses.