Record first half revenues for Tullow Oil

FTSE 100 oil company Tullow Oil published a trading and operation statement on Tuesday ahead of the group’s half-year result release showing record revenues of $1.05bn.

The company raised its full-year production guidance as it said that high revenues were due to strong operational performance driven by production in Africa.

The group indicated that average working interest production for the half year ending June 30 was 75,350 barrels of oil equivalent per day, up from 55,800 bopd the year before.

It was specifically its Jubilee oil field in Ghana which ramped up output as it has produced over 10 million barrels of oil to date. It currently turns out around 80,000 bopd from seven wells, but is expected to reach 120,000 bopd in August.

CEO, Aidan Heavey, commented: “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.”

“In Uganda we have signed the MoU with the Government and expect to soon complete the $2.9bn Uganda asset sale with CNOOC and Total. We have enhanced our portfolio through acquisitions in the Netherlands and Ghana, and our high level of exploration and appraisal success continues. Looking forward, we have a busy programme of E&A activity in the second half including the result of our first exploration well in South America and a number of Jubilee follow-on campaigns in Guyana, Liberia and Sierra Leone,” Heavey told investors.