Browsing: Maersk Venturer

Tullow Oil PLC recorded a strong performance in the first half of 2019 reporting a 91.5 per cent jump in profit, as it continued with its investments in Africa. Profit after tax for the period ended June 30, closed at US$103.2 million up from US$53.9 million in a corresponding period last year. Tullow has however cut its full-year 2019 working-interest oil production guidance to a range of 89,000 to 93,000 barrels per day. Tullow which has key operations in Kenya and Uganda has continued to record mixed performances in East Africa but remains optimistic in Kenya’s Early Oil project. Tullow is however considering all options in pursuing the sale of its interests in Uganda.

Inside Kenya, Uganda’s crude oil

East Africa

Kenya

As the East Africa Community (EAC) member states gear towards becoming net oil and gas exporters, a latest industry report has sent mixed signals on how the region is performing in the development of its oil projects.

It has emerged that Kenya has made major development in the first half of this year compared to her neighbour Uganda which is still lagging behind in its oil projects, mainly exploration and the planned construction of a pipeline linking its oil fields to the Tanga Port in Tanzania.

Tullow Oil plc (Tullow) which has operations in both countries, through Joint Ventures, has noted that significant progress has been made over the first six months of the year in Kenya on both the Early Oil Production Scheme (EOPS) and the Foundation Stage of “Project Oil Kenya.”

“In May 2019, EOPS production was increased from 600 bopd (barrels of oil per day) to …