Africa-focused Tullow Oil (TLW.L) said on Wednesday it was increasing the volume of oil it protects with hedging to 75% of the company's output for the next two years, with plans for a further 50% increase for a year beyond that.
Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar, Turkana County, Kenya, February 8, 2018. REUTERS/Baz Ratnersaid on Wednesday it was increasing the volume of oil it protects with hedging to 75% of the company's output for the next two years, with plans for a further 50% increase for a year beyond that.
Set up in the 1980s to produce oil and gas in Africa, Tullow has historically focused on exploring discoveries, but the oil price collapse last year forced the company and its rivals to slash exploration budgets. It said on Wednesday it was on track to realise more than $1 billion over two years through assets sales and cost cuts.
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