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Tullow flows up 13% in 2007



By Upstream staff 

UK-listed Tullow Oil said its net daily production in 2007 rose 13% over 2006 to an average 73,100 barrels of oil equivalent per day.

The company said it expected its 2008 production to average between 70,000 and 75,000 boepd in 2008.

Tullow said in a trading and operation update that it drilled 16 exploration wells in the course of 2007, of which nine discovered commercial levels of hydrocarbons.

Tullow chief executive Aiden Heavey said the company would focus on further appraisal of its Jubilee field discovered off Ghana last year, which is now thought to contain up to 1.3 billion barrels of oil.

The company has contracted two rigs to drill up to seven appraisals on the Jubilee field, with the first well, Odum, being spudded by the drillship Songa Saturn yesterday. The semi-submersible rig Blackford Dolphin is due on the field in the second quarter of the year.

Heavey said Tullow would also prioritise further appraisal work and regulatory approvals in Uganda to allow it to produce first oil from significant discoveries in the Albert Rift basin in the country by 2009.

The company also said it expected gross production from its operation in Equatorial Guinea to surpass 100,000 bpd for the first time. Tullow also produced oil and gas in Congo-Brazzaville, Cote d’Ivoire, Mauritania and Gabon.

Tullow spent about £370 million (US$ 720 million) on development and exploration activities in 2007. It said it had earmarked about £400 million in total capital expenditure for 2008. The 2008 funding will be spilt between exploration and appraisal and production and development activities, with 75% of the amount likely to be spent in Africa.

Tullow also has exploration interests in the UK, the Netherlands, Portugal, Pakistan, India, Trinidad, Suriname and French Guiana and producing assets in the UK, Bangladesh and Pakistan.


Wednesday, 23 January, 2008, 07:31 GMT  | last updated: Wednesday, 23 January, 2008, 07:35 GMT

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