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Tullow back to winning ways as 2015 interim profits, revenue pickup

  • SOURCE: | qwesa2big
  • Tullow Oil has seen its revenue and profits for last year pick up marginally despite declining prices of crude oil.

    This is coming after it recorded some severe losses for 2014.

    The numbers were contained in the company’s trading statement and operational update report released Wednesday.

    The statement put gross 2015 profit at 600 million dollars, Revenue at 1.6 billion dollars, while operating cash flow will be around 1.0 billion dollars.

    On production numbers, Tullow expects production for 2015 to exceed the 100 thousand daily target, exceeding the average target of 102, 600 daily crude oil for production.

    However for  2016, Tullow Oil forecasts production will be around  101, 000 barrels of crude oil a  day.

    The target will however be impacted by the planned two week FPSO maintenance shutdown in the first quarter of 2016.

    According to Tullow, the Teneboah- Enyera- Ntomme field is about 80 percent complete and the good news is that it is still within its budget.

    The vessel that will also be used to collect, process, store and extract crude oil from the Jubilee field, should arrive from Singapore by early March this year.

    The oil exploration giant, however disclosed that it is reducing the budget It set aside for capital projects this year is to reduce from 1.7 billion dollars to 1.1 billion dollars for 2016.

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