The 3Q19 update was disappointing. The gas demand issue/water handling constraints at Jubilee and the complex reservoir at TEN resulted in Tullow’s FCF forecasts being reduced by US$100 mm in 2019. Whilst the Jubilee water handling system bottleneck is expected to be resolved this month, addressing the gas constraint (which is the main issue) is more challenging. While gas offtake to the government remains low (and is out of Tullow’s control), boosting oil production will require
13 Nov 2019
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Tullow Oil plc (TLW:LON) | 31.1 -0.1 (-1.1%) | Mkt Cap: 452.5m
- Published:
13 Nov 2019 -
Author:
Stephane Foucaud -
Pages:
5
The 3Q19 update was disappointing. The gas demand issue/water handling constraints at Jubilee and the complex reservoir at TEN resulted in Tullow’s FCF forecasts being reduced by US$100 mm in 2019. Whilst the Jubilee water handling system bottleneck is expected to be resolved this month, addressing the gas constraint (which is the main issue) is more challenging. While gas offtake to the government remains low (and is out of Tullow’s control), boosting oil production will require