Tullow expecting record revenue

Record high: Tullow is expecting revenues to total $1.15 billion for the first six months of 2012

AFP/SCANPIX

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Josh Lewis

 04 July 2012 07:40 GMT

UK independent Tullow Oil is expecting revenues for the first half of the year to hit a record high of $1.15 billion on the back of increased production.

Production for the first half of the year averaged 77,400 barrels of oil equivalent per day, up from and average of 75,350 boepd during the first half of 2011.

Tullow said realised commodity prices during the first half of 2012 were on par with the previous year, with the realised oil price averaging about $114.20 per barrel pre hedge, or $110.6 billion post hedge, while the realised UK gas price was about 58.4 pence per therm.

The company expects total exploration write-offs and asset value reductions for the first half of the year…

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