Mixed fortunes for Tullow
Anglo-Irish independent Tullow Oil recorded its largest ever discovery
offshore Ghana and generated record production, but saw its profits slide by
28% last year.
The outfit’s operating profit fell £73.6 million ($148 million) from 2006
levels to £189 million for the year ending in December due to lower UK gas
prices, higher depreciation charges, exploration write-offs and interest
charges, the company said today.
On the upside, Tullow reported its biggest ever discovery, the Jubilee field
offshore Ghana, while production hit record levels of 73,100 barrels of oil
equivalent per day, up 13% from 2006.
Jubilee’s first oil is targeted in 2010 with Tullow acting as the field
operator. The Eirik Raude rig has been contracted for up to five years and
this year’s five well appraisal programme is under way.
Tullow’s Jubilee and Odum discoveries in Ghana have opened up new geological
plays in the region and at least two planned exploration wells each
targeting prospects with 500 million barrel upside potential are scheduled
in the next year, the company said.
12 March 2008 08:15 GMT
| last updated:
12 March 2008 08:15 GMT
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