Oil exploration firm Tullow Oil has reported an 87 percent drop in annual profit, citing lower production and delayed payments from the Government of Ghana.

According to a Reuters report, the London-listed firm recorded a profit after tax of $7 million for the year ending December 31, 2025, down from $55 million in 2024.

The company said delayed payments from Ghana continue to put pressure on its cash flow, worsening the impact of declining production.

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Tullow, which operates key offshore oil fields in Ghana, has begun a capital restructuring programme to stabilise its operations. The move includes the sale of non-core assets and a renewed focus on its core assets in West Africa.

Production fell to an average of 40.4 thousand barrels of oil equivalent per day (kboepd) in 2025, compared to 51.5 kboepd in 2024. However, output improved slightly in early 2026, averaging 43.4 kboepd in the first quarter.

The company said it expects production for the year to be at the higher end of its forecast range of 34,000 to 42,000 barrels per day, including about 6,000 barrels of gas.

MA

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