Tullow Oil reports production growth amid US$1.4bn debt challenge

Tullow Oil has reported a period of operational growth contrasted by significant financial pressure. During the first half of 2026, the company saw group working-interest production rise by nearly 8% to 43,700 barrels of oil equivalent per day. Revenue also increased by approximately 21% to US$496 million, driven by higher production and realized oil prices of US$95 per barrel.

Despite these operational gains, Tullow reported a loss after tax of US$101 million, a widening from the US$80 million loss in the first half of 2025. This decline is attributed to rising net financing costs, which reached US$230 million, as the company manages a US$1.4 billion debt challenge and the costs of extending maturities.

In its Ghana operations, Tullow has concluded a drilling campaign involving seven new wells, including a water injector on the Jubilee field. The company has already secured a rig for its 2027/28 drilling program in Ghana, which is expected to cover up to 10 wells. Additionally, Tullow is progressing with investments in subsea pumps and gas resource monetization, while moving toward the acquisition of the TEN FPSO, expected to complete by late March.