West-Africa focused Tullow Oil has reported a 2022 free-cash flow of $267m, up from $245m the previous year and in line with forecasts, supported by increased equity in its Ghana operations and higher oil prices.
Tullow said it plans to invest $400m this year, mainly on its flagship fields in Ghana.
It expects free-cash flow to come in at $100m at an oil price of $80 a barrel, or twice that at $100 a barrel.
This is unchanged from previous guidance.
Tullow hedged 33,100 barrels per day (bpd) of this year's output and 11,300 bpd of 2024's production at between $55 and $75 a barrel.
This year it expects to produce between 58,000 and 64,000 bpd, broadly in line with 2022.
