Industry & Business

Irish-Based Oil and Gas Explorer Drills in West Africa

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Irish-Based Oil and Gas Explorer Drills in West Africa

June 30
10:38 2016

tullow-oil-logo-w800h600

In the company’s latest trading update, they are predicted to have early revenues of $500 million while last year’s revenue was $800.  After the shutdown of the Jubilee field in March, Tullow revised their plans for the Ten project oil production.

The company’s 2016 capital expences remains $1 billion as it was in previous years, and they are expected pay more to correct the Jubilee problems as well as starting a new drilling campaign in Kenya.

By the end of June, their overall debt will be an estimated $4.7 billion.

The Jubilee site has been repaired and they will continue to drill at the same rate with short periods of reduced production to make long-term changes to correct the problems with the turret. They will shut down the location early in 2017 in order to focus on repairing the offloading vessel.

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