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New Articles

Sunday, 20 July, 2008, 22:40 GMT | more prices >>

Tullow profit takes a hit

By Upstream staff

Anglo-Irish explorer Tullow Oil has seen its operating profit slide 31% year-on-year, with its numbers for the first half coming in at £110 million ($222 million), thanks to lower-than-expected gas prices.

Tullow said production hit a record high in the first half, averaging 69,700 barrels of oil equivalent per day - up 11% on first-half 2006 - but was affected by lower gas prices in the UK.

However, the company said it expects its exploration success to transform its business growth potential, with its recent Ghana discovery said to potentially contain recoverable reserves of more than 1.3 billion barrels of oil.