Wednesday 6 July 2011

Record revenue for Tullow Oil

Tullow Oil has totted up record revenues for the first half of 2011. Its trading statement revealed incoming funds of $1.05 billion, compared with $486 million for the same period in 2010.

Tullow has interests in 15 countries across Africa, pulling in some of its largest oil production from Ghana and Equatorial Guinea.

Its Jubilee field in Ghana produced over 10 million barrels gross; production is currently around 80,000 barrels of oil per day with a ramp up to 120,000 bopd expected to be reached by August.

Aidan Heavey, CEO said: "The performance of our business since the beginning of 2011 has been excellent and we expect to deliver record financial results for the first half of the year. Jubilee production has been ramping up steadily.

"In Uganda we have signed the Memorandum of Understanding with the Government and expect to complete the $2.9 billion Uganda asset sale with CNOOC and Total soon."

He added that acquisitions in the Netherlands and Ghana, plus further exploration activities would spell success for the second half of 2011.