• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 7 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Mexico's President Has Failed to Deliver on Clean Energy Promises

Mexico's President Has Failed to Deliver on Clean Energy Promises

Mexico's clean energy transition suffers…

Europe Set for 50 TWh Solar Power Boom in 2024

Europe Set for 50 TWh Solar Power Boom in 2024

Europe anticipates a significant increase…

Tullow Oil Finally Profitable After Brutal 2020

Tullow Oil today swung back into profit for the first half of the year and upped its production targets as it looked to get back on a surer footing after several challenging years.

The firm booked a profit of $93m for the first six months, having posted a whopping $1.3bn loss in the same period last year due to impairment charges.

Revenue year-on-year was flat at $737m.

For the full year, the FTSE 250 oil explorer said that production would come in at 58,000-61,000 barrels per day after an increase in output at one of its fields in Gabon.

Last year Tullow warned that it could be heading for a cash crunch due to the decline in oil demand caused by the pandemic.

The firm is currently undergoing a revamp after a challenging couple of years for the company.

Video: Winter Could Send Oil To $100

Chief executive Rahul Dhir, who joined the Africa-focused firm amid the coronavirus oil price crash last year, said:

“Strong operational performance in the first half of the year and a transformational debt refinancing have put Tullow on a firm footing to deliver our business plan.

“Our West Africa production assets have performed well, and we are narrowing production guidance for 2021 to the upper end of the range. In Kenya, the revised development plan creates a robust project that has the potential to deliver material value to the Government of Kenya and other stakeholders.”

ADVERTISEMENT

By City AM

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News