Tullow Records Loss After Tax Of 189 Million Dollars

Tullow Oil has posted a loss after tax of 189 million dollars for 2017.

At least this is the second time in a row that the oil company has posted a loss after tax.

For 2017, Tullow’s loss after tax amounted to 189 million dollars; this is an improvement of about 408 million dollars or 68 percent compared to the 2016 figure of 597 million dollars.

The oil company’s revenue for last year also reached 1.72 billion dollars; up from the 1.27 billion dollars recorded in the preceding year.

This means that Tullow’s revenue from its production went up by 453 million dollars or 36 percent between 2016 and 2017.

Even though Tullow recorded a loss of 755 million dollars in 2016, it managed to accrue some profits of about 22 million dollars last year.

Commenting on the company’s performance for last year, the Executive Vice President for West Africa, Gary Thompson, said,

“Tullow’s West African operations remain at the core of Tullow. In 2017, West Africa delivered over 89,000 bopd of highmargin, low-cost oil and in 2018 we will invest in Ghana to sustain this impressive performance over the coming years.”

“Drilling is due to commence on the Ntomme field by the end of this month and we continue to evaluate the business case of procuring additional rig capacity. I have been particularly pleased by the performance of the TEN fields, with production exceeding 70,000 bopd for the last three months, especially given the delays on completing the development wells which resulted from the ITLOS drilling moratorium. I look forward to similarly strong performances from Jubilee, TEN and our other West African oil fields in 2018.”

On the specific operations in Ghana, the Jubilee oilfields produced an average of 89,600 barrels of oil per day.

On TEN, Tullow is hopeful the permission to drill additional wells after the ITLOS ruling, should increase production from the current 56,000 to about 64,000 barrels of oil per day.

Tullow is also optimistic that the completion of the gas export trial to Ghana National Gas Company should allow for the export and sale of TEN gas as well as the ability to supply gas in substitution for Jubilee gas during the planned Jubilee turret remediation shut-downs this year.

Source: Citibusinessnews