An oil exploration rig in Turkana
Tullow oil plc has announced steadfast progress in its major development projects in East and West African oil fields despite decline in revenue in the first half of the year 2015.
According to a statement from Tullow oil on the status of its operations, the company the has registered a fall in its revenue by 35% due to the fall in oil prices in the global market.
Tullow executive director Aidan Heavey said the half year operations results met the company expectations in regard to the fall in oil prices in December 2014
“Our financial results for the first half of 2015 are in line with market expectations and reflect the re-setting of our business in response to the weaker oil price.” He noted
“We are making good progress with our major development projects in West and East Africa. With the TEN Project on schedule and on budget for first oil in mid-2016, our West Africa oil production is set to grow to around 100,000 bopd net to Tullow in 2017” Aiden Observed.
See official statement on the status of Tullow operations and projections for the next half year for Africa Europe, Asia and Caribbean-Guyanas