Tullow says Jubilee and TEN beat its plans in first half of 2026 as reserves climb

Pinned summary · as of 05:30

Tullow Oil says its two offshore fields in Ghana performed better than planned between January and June 2026, and the company's reserves estimate moved up to 121.7 million barrels (oil equivalent, 2P basis) by June. Jubilee averaged about 70,800 barrels a day in gross terms, while TEN averaged 14,800. Both fields' floating production vessels stayed on line more than 99% of the time, according to the reports.

What we know

• Tullow said Jubilee and TEN outperformed its expectations in the first half. Jubilee's gross output was about 70,800 barrels a day, of which about 27,600 went to Tullow, and TEN's was 14,800 barrels a day gross, with 8,100 attributed to Tullow.
• The company credits its 2025-26 drilling campaign, which added six Jubilee production wells and a water-injection well, together with measures to squeeze more from existing wells. Jubilee's floating production vessel was available more than 99% of the time.
• Tullow has signed a rig contract for a 2027-28 programme of up to 10 wells in Ghana. It expects the rig around mid-2027 and will choose targets by drawing on 4D seismic data plus a new Ocean Bottom Node survey.
• By Tullow's count, its 2P reserves reached 121.7 million barrels of oil equivalent as of 30 June, and it put its reserves replacement ratio at around 380% for the half-year.
• Parliament extended the petroleum agreements for the Jubilee and TEN areas to 2040. Tullow says it agreed revised Jubilee gas terms running through that period, plus a payment guarantee mechanism, and an outline agreement covering possible gas from TEN.
• Tullow said it collected US$73 million of old gas arrears from the government in the first six months and that the rest of that historic balance had been settled by 28 September.
• Group net debt stood at roughly $1.4 billion on 30 June, down from about $1.6 billion a year earlier. Tullow also puts its 2026 capital spending at about $200 million and plans 14 crude liftings this year, six of them completed by June.

What's disputed / unconfirmed

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  The Vaultz News reported group production of 43.7 kboepd against 40.6 kboepd a year earlier, revenue of $496 million against $411 million, and a $101 million loss after tax that Tullow blamed partly on one-off refinancing fees. These headline results have not been confirmed by other reports.
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  According to The Vaultz News, Tullow raised its full-year free cash flow guidance to $170 million to $250 million and its chief executive, Ian Perks, expects output at the top of guidance. The paper also said the state oil company GNPC's stake is set to rise by a further 10% from July 2036. No other report has verified these points.
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  NorvanReports said Tullow agreed in February to buy the TEN production vessel for about US$126mn, with completion expected once the first quarter of 2027 closes. This has not been confirmed elsewhere.
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  NorvanReports reported that Tullow's Ghana operating costs fell to US$63m from US$88m a year earlier and that Ghana takes US$130m of the US$134mn group capital spending in the half-year. Other reports have not verified these figures.
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  NorvanReports also said Tullow is contesting two Ghanaian tax assessments that have been in international arbitration since 2023, and that it raised a related provision by US$30m. Tullow told the report it continues to seek a settlement with the government and the Ghana Revenue Authority; no second report has verified the details.

Why it matters for Ghana

Jubilee and TEN are among the biggest sources of oil and gas revenue for the state, so their output and the terms for using them feed into what Ghana earns and what its gas customers pay. The gas arrears cleared by the government and the payment-security arrangement bear on how reliably power plants that depend on domestic gas are supplied. The 2027-28 drilling plan, if it goes ahead as described, points to continued work for firms and workers serving the offshore industry around Takoradi and the Western Region.