Tullow Oil Reports 11.4% Decline in Reserves
Tullow Oil plc has reported a fall in reserves in its mid-year 2025 update, with estimates standing at 113.8 million barrels of oil equivalent (mmboe) as of June 30, down from 128.5 mmboe at year-end 2024, excluding Gabon.
The decline reflects 7.4 mmboe of production and a further 7.3 mmboe of negative revisions linked to production performance in the first half of 2025, comprising 6.3 mmboe at Jubilee and 1.0 mmboe at TEN, according to figures audited by TRACS International Limited.
However, the company said reserves could be boosted by its recent Memorandum of Understanding (MoU) with the Government of Ghana to extend production licences to 2040.
TRACS has projected that once executed, 14.7 mmboe of Jubilee contingent resources and 3.5 mmboe of TEN contingent resources would be reclassified as 2P reserves.
Tullow also noted that new 4D seismic data acquired in the first quarter of 2025, along with an Ocean Bottom Node (OBN) survey planned for the fourth quarter, could support new projects and reserves growth.
Discussions with the Government of Ghana on a Plan of Further Development for Jubilee are ongoing, covering both the licence extensions and additional drilling opportunities.
