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Defying Odds Oil prices falling? Who cares? Tullow declares profits

This comes as a surprise to most industry players given that oil prices on the international market prices of crude have falling drastically from the $100 a barrel to $35 for December 2015.

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Tullow Oil has posted  a profit of 600 million dollars for 2015, representing a marginal percentage increase in revenue and profits for 2015.

This comes as a surprise to most industry players given that oil prices on the international market prices of crude have falling drastically from the $100 a barrel to $35 for December 2015.

The numbers were contained in the company’s trading statement and operational update report released Wednesday at the Ghana Stock Exchange

According to the company, total revenue was 1.6 billion dollars whereas  operation cost was 1.0 billion dollars.

Additionally, Tullow expects production for 2015 to exceed the 100 thousand daily target, exceeding the average target of 102, 600 daily crude oil for production. 

However for  2016, Tullow Oil forecasts production will be around  101, 000 barrels of crude oil a  day.

The target will however be impacted by the planned two week FPSO maintenance shutdown in the first quarter of 2016. 

According to Tullow, the Teneboah- Enyera- Ntomme field is about 80 percent complete and the good news is that it is still within its budget.

The vessel that will also be used to collect, process, store and extract crude oil from the Jubilee field, should arrive from Singapore by early March this year.

The oil exploration giant, however disclosed that it is reducing the budget It set aside for capital projects this year is to reduce from 1.7 billion dollars to 1.1 billion dollars for 2016.

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