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Oil producer Tullow Oil said its annual production and revenue both fell following lower output from wells in Ghana.
Revenue for the 12 months through December was expected to be about $1.3 billion with an average oil price of $63 per barrel, including hedge costs of about $150 million.
Tullow Oil didn't provide a comparative figure, though for 2020 it had recorded revenue of $1.40 billion.
Output in 2021 dropped to an average of 59,200 barrels of oil equivalent per day, down from 74,900 in 2020.
Tullow said notable production growth from the Jubilee field in Ghana and Simba field in Gabon had been offset from lower production than expected from TEN in Ghana and Espoir.
For 2020, the company forecast output of 55,000 to 61,000 boepd.
'2021 was a year of positive change and transformation for Tullow, and we ended the year on a firm financial and operational footing,' chief executive Rahul Dhir said.
'The delivery of our long-term business plan is progressing well with significant improvements in safety, operating efficiency and drilling performance.'
'In 2022, we will build on these firm foundations and focus on investing in our producing assets in West Africa.'
'Our plans in Ghana, where we are in the process of increasing our stakes in both the Jubilee and TEN fields, will position us to deliver the free cash flow to reduce gearing to less than 1.5 times by 2025.'
'Elsewhere, our Gabon near-field non-operated exploration opportunities, our revised Kenya development project and the Beebei-Potaro commitment well in Guyana also have the potential to be significant value drivers for Tullow.'