Business Irish

Sunday 20 August 2017

Tullow Oil expects record results for 2011

TULLOW Oil is expecting record full-year results for 2011, mostly because of production from Ghana’s off-shore Jubilee field.

In a trading update, it is expecting production for the full year to average 79,000 to 81,000 barrels of oil equivalent per day.

More than 22 million barrels of oil have been produced in Ghana since production started at the end of last year.

Tullow says production rates have been lower than expected recently due to mechanical problems.

And it says final Ugandan approval is expected soon for its farm-down deal with CNOOC and Total.

The company has also announced the appointment of Simon Thompson, formerly Anglo American, as non-executive chairman.

Mr Thompson replaces Pat Plunkett with effect from January 1 of 2012.

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