Tullow expects revenues to top $1bn

HIGHER sales volumes and a lift in commodity prices are likely to have boosted Tullow Oil’s revenues to a record level of over $1 billion in the first half of this year.

The Irish-founded oil and gas exploration company said yesterday — via a trading statement ahead of its interim results announcement next month — that it expects its first half revenues to amount to $1.05bn (€728m). This figure would be up from $486m for the same period last year.

On a production footing, the company said that its headline Jubilee field, in Ghana, has produced more than 10 million barrels of oil to date — since coming on stream last year — and is currently producing around 80,000 barrels of oil per day (bopd), with an acceleration to 120,000 bopd expected by August.