Thursday 17 April 2014

Tullow Oil expects increased revenues of $2.6bn (€1.9bn)

Tullow oil is headed by founder, Aidan heavey. Photo: Mark Condren
Tullow oil is headed by founder, Aidan heavey. Photo: Mark Condren

In an interim trading statement today, Tullow said that annual revenues would come in at $2.6bn (€1.9bn), with gross profits of $1.4bn.

The company posted annual production of 84,200 barrels of oil equivalent per day (boepd), at the lower end of the 84,000 to 88,000 boepd it forecast.

Taking into account the disposal of some fields in Bangladesh, output next year would be between 79,000 and 85,000 boped, the biggest Irish exploration company said.

Tullow's shares, which quadrupled in value between 2007 and their peak in early 2012, rose 1.6 pct to 870p in early trade today.

Aidan Heavey, Chief Executive, said: "Our exploration successes in Kenya and Norway mean that Tullow is meeting its resource addition targets and expects to deliver in excess of 200 mmboe in 2014. We will drill over 40 wells in the next 18 months in a wide-ranging campaign. We continue to advance a pipeline of high quality development projects in West and East Africa."

The firm will announce full-year results on February 12.

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