By Humu Salma Mahama
Tullow Oil has reported a financial downturn for the first half of 2026, recording a net loss after tax of $101 million despite delivering strong operational performance and rising production across its flagship offshore fields in Ghana.
The half-year loss, which widened from the $61 million deficit reported during the same period in 2025, was primarily driven by heavy refinancing charges and one-off transaction fees. Nevertheless, robust operational efficiency helped the energy giant generate $495 million in revenue and achieve a gross profit of $276 million over the six-month period.
Operational momentum was fueled by new well capacity and optimization efforts following a scheduled shutdown of the Jubilee field in 2025. Group net production averaged 35.7 thousand barrels of oil per day (kbopd) during the first half of the year, supported by Floating Production Storage and Offloading (FPSO) uptime exceeding 99%. Performance at the Tweneboa, Enyenra, and Ntomme (TEN) fields also exceeded internal forecasts, averaging 14.8 kbopd gross (8.1 kbopd net).
“A number of existing wells drilled in the previous campaign have seen the benefit of production optimisation activities in the first half of 2026,” the company stated in its financial update to investors.
Because of the operational gains, Tullow raised its full-year delivery target to 14 cargo liftings for 2026—comprising 11 from Jubilee and three from TEN—an increase of two cargoes over its original baseline forecast.
However, the financial updates follow a major legal setback for the energy firm in its long-running tax conflict with the Ghana Revenue Authority (GRA). A tribunal at the International Chamber of Commerce (ICC) in London recently ruled in favor of the Ghanaian government regarding a disputed tax assessment of nearly $400 million, rejecting Tullow’s claim that the assessment breached Ghana’s Petroleum Agreement.
Addressing the arbitration ruling, Finance Minister Dr. Cassiel Ato Forson reiterated that state authorities will move to collect the owed liabilities while ensuring the firm’s long-term operations in the region remain viable.
“Government will ensure Ghana receives revenues due from Tullow Ghana Limited following the country’s victory in the international tax arbitration,” Dr. Forson said.
Dr. Forson added that the government remains committed to protecting the oil producer’s broader contribution to the national economy, characterizing Tullow as “a vital partner to Ghana” and the nation’s largest petroleum producer.
To support future stability, the government has extended the development agreement governing the Jubilee and TEN fields, incorporating a gas payment security mechanism intended to provide a predictable investment climate for upcoming capital programs.
