Irish-Based Oil and Gas Explorer Drills in West Africa
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.