Tullow Sinks into Red but Confident Africa Strategy Will Pay Off

Production at its flagship offshore Jubilee oil field in Ghana averaged 103,000 barrels per day (bpd) in the first half of 2014, slightly above the group's full-year production goal. Tullow holds a 35.5 percent stake in the Jubilee field.

The TEN project in Ghana remained on course and on budget for first production in 2016 with plans to reach 80,000 bpd production capacity by 2017. Tullow said the project was now 30 percent complete and expected to cost $4.9 billion as it seeks to sell it to a third-party.

Tullow started selling assets in Pakistan, Bangladesh and the North Sea last year in order to boost profits and focus on its core areas.

Analysts at RBC Capital maintained a neutral recommendation on shares "underpinned by the steady, medium-term, delivery of Tullow's developments in Ghana, Kenya and Uganda."

(Additional reporting by Roshni Menon in Bangalore; editing by Jeremy Gaunt)

 


123

View Full Article

WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Most Popular Articles