Tullow Oil targets reduction of debt below $1.0bn in 2025

Tullow Oil Plc plans to reduce its debt below $1.0 billion. The company will use funds from mature assets in West Africa in 2025.

The oil giant has been reducing borrowings from its past spending habits. Former CEO Rahul Dhir, who left this year, shifted focus to established assets in Ghana. This change aims to improve the company's finances.

In its 2024 Financial Year Report, Tullow outlined its priorities for the coming year. These include progressing its refinancing plan and optimizing production at Jubilee and TEN fields. The company also aims to grow its reserve base.

Tullow stated it is using advanced technologies to minimize decline in production. They are confident that the Jubilee field will generate significant cash flows once net debt is below $1.0 billion.

The firm mentioned that repaying the 2025 Notes will strengthen its balance sheet further. Ongoing efforts will address upcoming debt maturities as well.

In the short term, Tullow will focus on cost management and financial discipline. They prioritize high returns and investments that add value.

CEO Richard Miller said reducing debt will strengthen their balance sheet. This positions Tullow to create lasting economic and social value for all stakeholders.