UK: Tullow’s 2011 Revenues Rise 111 pct

Tullow's 2011 Revenues Rise 111 pct

Tullow Oil plc (Tullow), the independent oil and gas exploration and production, quoted on the London and Irish Stock Exchanges, says that 2011 was a very good year for the company.

The Group that has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America reported record revenues which grew 111% to $2.3 billion (2010: $1.1 billion) and operating cash flow of $1.8 billion with  full year dividend rising 100%.

Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa. The Group’s financial performance has also been strong with record results for the year based on a 35% increase in production and significantly higher commodity prices helping to deliver a profit after tax increase of 670% to $689 million.

Since year-end, Tullow has completed the $2.9 billion farm down in Uganda. Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth.

Highlights:

Major basin-opening discovery with the Zaedyus-1 well in French Guiana.

Value-adding acquisitions of $737 million in the Netherlands and Ghana.

Tweneboa-Enyenra-Ntomme (TEN) project appraisal & development planning progressing well; Owo-1 tested at combined rate of ~20,000 bopd.

38 well campaign planned for 2012; Frontier exploration partnership with Shell announced in January.

$2.9 billion farm down to CNOOC and Total in Uganda completed on 21 February 2012.

Commenting today, Aidan Heavey, Chief Executive, said:

“Record results in 2011 and the $2.9 billion farm down to CNOOC and Total in Uganda are further landmarks in Tullow’s evolution. In the coming year, we will continue to execute our industry-leading exploration programme, appraise major discoveries and invest in key development projects in Ghana and Uganda. Tullow now has a very strong balance sheet and increased cash flow, which gives us real financial flexibility and a firm foundation for further growth. With many opportunities for growth, 2012 promises to be another excellent year for Tullow.”

Offshore Energy Today Staff, March 14, 2012

 

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2015 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Tanzania Oil & Gas Expo 2015

This event will be the hub for key players in the Oil and Gas industry, attracting leading oil, gas and petroleum companies from around the world…

read more >

Oil and Gas Training

EI Oil and Gas Training offers a comprehensive programme of courses for the oil and gas industry, both as classroom training ranging in duration from 1- to 5- days or as distance learning online, including our Certificates in Oil and Gas. We offer over 30 course titles in introductory, intermediate and advanced levels, making EI training an essential provider in the sector. Bespoke training delivered in-house is also available.

  More Info

read more >

SPE ASIA PACIFIC ENHANCED OIL RECOVERY CONFERENCE

Oil and gas are expected to remain an important source for future world energy demand. However, conventional oil and gas production from…

read more >

2015 NAPE Summer Exhibitor Rates

This event offers producers and purchasers a unique chance to connect, reconnect, and make deals…

read more >

Jobs>

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply