Monday 11 December 2017

Tullow Oil on track to produce over 80,000 barrels of oil per day this year

Thomas Molloy

Thomas Molloy

TULLOW Oil said today that it remains on track to produce around an average of 80,000 to 84,000 barrels of oil every day this year.

The Dublin and London-listed exploration company said in a management statement that operational and financial performance "continued to be strong" in the second half of the year. The shares rose slightly in early morning trade as analysts welcomed the statement.

Tullow has massive fields in Uganda and Ghana where it operates the Jubliee field off the coast and is also looking for oil in many other parts of the world.

"Exploration success in Kenya is opening up another new basin in East Africa with major upside potential,” Tullow said today. “Growing production and cash flow from the Jubilee field continues to strengthen Tullow’s financial base as we look forward to further significant exploration and development programmes in 2013," it said.

Morgan Stanley called the statement “re-assuring”. The stockbroker said results from forthcoming drilling operations could boost the share price soon.

Tullow may also sell its Asia business unit and is reviewing offers from several bidders at present.

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