Tullow oil plc recorded its best financial performance in its entire operations last year. The firm’s profit shot up by over 600 percent to $689 million.

Revenue on the other hand stood at $2.3 billion representing over 100 percent increase.

The record performance was influenced by increased production and higher crude oil prices.

Tullow spent about $1.6 billion last year about half of this expenditure on its operations in Ghana.

The board as a result of this sterling performance is proposing 12 pence as dividend for every share held representing a 100 percent increase over 2010’s dividend.

Meanwhile Tullow is hoping to spend about 1.1 billion dollars on Mahogany East the country’s next major oil field. The field holds about a hundred and five hundred thousand barrels of crude and it’s located on the southeast of the jubilee field. it is also expecting to start work on another major field Tweneboa- Enyenra-Ntomme by the third quarter of this year.

Tullow however expect daily oil production to inch up to 86 thousand barrels a day.


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