Tullow sharpens West Africa focus, eyes impairments
Tullow Oil produced 77,700 barrels per day in the first half of the year, while the realised oil price was $52 per barrel.
Revenues were around $700 million, of which hedging receipts made up $131mn.
Tullow said it had cut its oil price assumptions and as a result it expected impairment and exploration write offs of $1.4-1.7 billion before tax. The company will release its half-year results on September 9.
Production for the rest of the year is expected to be in the range of 71,000 to 78,000 bpd. Gross production from the Jubilee field, in Ghana, was 84,700 bpd, of which 30,000 bpd was net to Tullow. The TEN project averaged 50,900 bpd, net 24,000 bpd to Tullow.
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