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LONDON - Tullow Oil plc reported a decline in its total reserves to 113.8 million barrels of oil equivalent (mmboe) as of June 30, 2025, down from 128.5 mmboe at the end of December 2024, according to a reserves report published Friday.
The 11.4% reduction reflects 7.4 mmboe of production during the first half of 2025 and downward revisions of 7.3 mmboe associated with production performance, primarily at the company's Jubilee field (6.3 mmboe) and TEN field (1.0 mmboe) in Ghana.
The reserves estimates for Ghana were prepared by external auditor TRACS International Limited based on data available through June 2025, while the Côte d'Ivoire figures were adjusted from December 2024 estimates to account for first-half 2025 production. The figures exclude Gabon operations.
Tullow noted that following a Memorandum of Understanding with the Government of Ghana to extend production licenses to 2040, approximately 18.2 mmboe of contingent resources would be reclassified as 2P reserves once the extensions are executed. This includes 14.7 mmboe from Jubilee and 3.5 mmboe from TEN.
The company expects to increase its 2P reserves in Ghana based on new 4D seismic data acquired in the first quarter of 2025 and a planned Ocean Bottom Node survey for the fourth quarter. These efforts are supported by ongoing work with the Ghanaian government on a Plan of Further Development for the Jubilee field.
Tullow Oil, which focuses on its core producing assets in Ghana, is listed on both the London and Ghanaian stock exchanges under the symbol TLW. The reserves report was based on a company press release statement.
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