Tullow Oil, a West Africa-focused energy company, has reduced its 2025 production forecast following the sale of its Gabonese assets.
The decision, announced on Wednesday, comes as part of the company’s effort to streamline operations and improve overall performance.
The revised guidance now stands at 40,000–45,000 barrels of oil equivalent per day (boepd), down from its earlier projection of 50,000–55,000 boepd.
First-half production averaged 40.6 k boepd, excluding output from Gabon.
Shares of the company fell 10% in early trading after the announcement.
Interim CEO and finance chief Richard Miller said the second half will focus on refinancing the company’s capital structure, optimising production, and cutting costs.
Miller also addressed recent underperformance at Tullow’s Jubilee oilfield in Ghana, noting that further optimisation opportunities have been identified.
The company’s main operations are in Ghana, Côte d’Ivoire, and previously Gabon, with most output from the Jubilee and TEN oilfields in Ghana.
For the first half, Tullow reported a post-tax loss of $80 million from continuing operations, compared with a $106 million profit a year earlier.
The loss was attributed to lower revenues, impairment charges, and higher operating costs.