Tullow expecting record H1 revenues

Exploration group Tullow Oil today said total revenue for the first half of 2011 is expected to be a record $1.05bn (€725m), up from $486m (€335m) for the same period last year.

In a trading statement issued ahead of half-year results due August 24, the company said the significant increase in revenue was due to higher sales volumes in the half, especially from its Jubilee field offshore Ghana.

The company said the Jubilee field has produced over 10 million barrels gross with production currently around 80,000 barrels per day (bopd) and expected to increased to 120,000 bopd in August.

“The performance of our business since the beginning of 2011 has been excellent and we expect to deliver record financial results for the first half of the year," said Chief Executive Aidan Heavey.

"Jubilee production has been ramping up steadily. In Uganda we have signed the MoU with the Government and expect to complete the $2.9bn Uganda asset sale with CNOOC and Total soon.

"We have enhanced our portfolio through acquisitions in the Netherlands and Ghana, and our high level of exploration and appraisal success continues," he added.

"Looking forward, we have a busy programme of E&A activity in the second half including the result of our first exploration well in South America and a number of Jubilee follow-on campaigns in Guyana, Liberia and Sierra Leone."