Tullow Oil expects to report record revenue of $1.05 billion for the first six months of this year, helped by higher oil and gas prices and sales from its Jubilee field in Ghana
In a trading update, chief executive Aidan Heavey said that the performance since the start of 2011 had been excellent. and he expected record financial results for the first six months.
Tullow said its Jubilee field in Ghana had produced more than 10 million barrels of oil so far, and production was currently running at about 80,000 barrels per day (bpd). This is expected to rise to 120,000 bpd in August.
Overall, Tullow now expects to be producing 90,000 to 94,000 bpd in 2011, with an average of 75,000 in the first six months. It sold oil at an average price of $112 a barrel in the six-month period, up from $77 a year earlier.
The company has also drilled seven successful wells in Uganda so far this year.
Mr Heavey said its activity in the second half would include the result of its first South American exploration well, as well as drilling in Guyana, Liberia and Sierra Leone.
