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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.

Tullow posts strong performance as profit jumps 91%

Oil&Gas July 25, 2019

Tullow Oil PLC (TLW.LN) 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’s oil space.

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.

This is despite a drop in sales revenue which closed the period under review at US$872.3 million; compared with US$905.1 million it recorded a year-earlier.

Operating profit however went up to US$388 million compared to US$300 million in H1 of 2018 with the British oil firm reducing its net debt to US$2.9 billion from US$3.1 billion in June last year.

“Tullow has delivered a good set of financial results in the first half of 2019, with further reductions in net debt and gearing underpinned by strong cash flow generation from our assets despite the lower …

Inside Kenya, Uganda’s crude oil

East Africa June 26, 2019

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 …

The Kenyan government and its Joint Venture Partners: Tullow Kenya, Total and Africa Oil Corp, have signed Heads of Terms for the development of Kenya’s oil fields in South Lokichar Basin, where oil exploration and production has been ongoing on small scale. Also factored in the agreement is the construction of Kenya’s oil pipeline linking the oil fields to the Lamu Port, where the government is constructing the country’s second major sea port after the Port of Mombasa. The government signed an Early Oil Pilot Scheme agreement with Joint Venture Partners in 2017 allowing all upstream contracts to be awarded, including trucking of 600 barrels of oil per day to Mombasa ready for exports.

Kenya’s crude oil to hit global market this year

Kenya April 28, 2019

The first batch is intended to test the international markets

Kenyan crude oil could test the global markets before the end of this year, latest developments indicate, as stocks of the commodity continue to pile up at a storage facility in the port city of Mombasa.

In its latest operational update for the period January 1-April 25, 2019, British firm-Tullow Oil plc (Tullow), says the first export cargo is expected in the third quarter of 2019, even as exploration and drilling intensifies in the Turkana region.

This comes as the Early Oil Pilot Scheme continues to truck 600 barrels of oil per day (bopd) to Mombasa, where 80,000 barrels of oil are being stored ahead of export.