Tullow Oil confident about prospects after ‘excellent year’

Tullow Oil has said it is on course to deliver further significant growth in 2012, having seen excellent progress in the year to date.

The exploration company, founded in Ireland, had its latest trading update published yesterday to coincide with its annual general meeting in London. It said management is confident of another strong year, with total net production levels of 78,000 to 86,000 barrels of oil equivalent per day (boepd) anticipated.

“Tullow’s performance to date in the first half has been excellent. In Uganda, the group completed the $2.9bn farm-down to CNOOC and Total, and is now progressing with exploration, appraisal and development activities.

“The Ngamia-1 well, onshore Kenya, has opened a new basin and de-risked, significantly, prospectivity in the region.

“In Ghana, remedial work on the Jubilee production wells is progressing well,” the company said.

Production at the headline Jubilee asset has averaged around 67,000 barrels of oil per day (bopd) so far, this year; with total production (2011 marked the first full year of production) to date now over 33 million barrels.

Tullow’s chief executive, Aidan Heavey said oil potential in Kenya may be greater than Uganda, where the company and its partners have found about 2.5 billion barrels of resources.

Tullow’s total production levels increased by 35% last year, helping the company achieve a second consecutive year of record financial growth in 2011.

Away from Ghana, Tullow said that production performance elsewhere in northern and western Africa is “in line with expectations”.


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