Tullow Oil Plc rakes in high returns

Ghana’s Jubilee Oil Field has driven Tullow Oil Plc’s half-year revenue to record sales of over one billion dollars.

This is according to a statement released by Tullow detailing its 2011 half year financial results.

The impressive results were driven mainly by increased production from the Jubilee field in Ghana and the increment of crude oil prices on the international market over the period.

Jubilee production in Ghana is expected to increase to 105,000 barrels in October and the plateau production of 120,000 barrels is now expected before the end of the year.

The Communication Manager for Tullow Oil Ghana, Gayheart Mensah said in an interview with Citi Business News that they are happy with Tullow Oil's performance so far.

For Tullow we have designated this year as a year for transformational progress and I think our impressive results can speak to that particular fact.

We have been able to maintain a very robust performance on the back the public performance of the Jubilee Field.

Tullow had 71percent exploration and appraisal success across its portfolio in the world.

The company says the success in the first half of the year was also as a result of the group’s strengthened portfolio with farm-ins in East Africa and two strategic acquisitions.

Further progress was made in Uganda and Tullow now expects completion of its farm-down to CNOOC and Total in September.

In July the Group listed Tullow Oil plc shares on the Ghana Stock Exchange.