Tullow Oil has upgraded its 2026 financial outlook after strong production performance from its Ghana operations boosted output and cash generation.
The company said it now expects annual production to reach the upper end of its guidance range of 34,000 to 42,000 barrels of oil equivalent per day, reflecting improved performance from the Jubilee and TEN fields.
Tullow also increased its annual free cash flow forecast to US$170 million–US$250 million, up from its previous projection of US$70 million–US$175 million.
The revised outlook was driven by stronger production, higher oil price realisations and progress in recovering outstanding payments owed by the Government of Ghana.
The announcement underscores the growing importance of Ghana to Tullow’s business strategy as the company continues to streamline its operations across Africa.
In recent months, Tullow has sold assets in Gabon and Kenya and undertaken refinancing measures aimed at reducing its debt burden and focusing investment on its core Ghanaian assets.
The company also secured licence extensions for the Jubilee and TEN fields until 2040, providing a longer investment horizon for future drilling and production activities.
According to Tullow, it achieved an average realised oil price of about US$95 per barrel before hedging across six cargoes during the first half of the year.
After hedging, the average realised price stood at US$86 per barrel, with hedging costs amounting to approximately US$47 million.
The stronger financial outlook is expected to improve Tullow’s cash position and support ongoing investment in Ghana’s offshore oil sector.
Industry analysts say the company’s renewed focus on Ghana reflects the strategic importance of the Jubilee and TEN fields to its long-term production and financial performance.
