Tullow Oil revenues to fall 40%

Tullow Oil’s first half revenues are likely to tumble by nearly 40%, year-on-year. However, the Irish-founded explorer is also anticipating a significant rise in production levels for 2015.

In a trading update, Tullow yesterday said that overall 2015 production should come in at 72,000 to 78,000 barrels of oil per day. That is up from its previous guidance of 69,000 to 77,000 barrels of oil per day and driven by activity in western Africa.

The company is still in discussion with the government in Gabon regarding ownership of production from the Onal fields and the full-year guidance range includes production from these assets.