Tullow Oil has announced five hundred million dollars in profits for the first half of this year .
The company’s revenue also recorded 900 million dollars.
Tullow is however hopeful that the figure will inch up when production levels increase to expected levels.
Tullow, in its trading statement, said the increase in production in West Africa from 95,000 to 100,000 barrels of oil per day, should push the returns to the company for the remaining six months of the year.
This is expected to be triggered by further wells which are expected to come on stream in Ghana.
For the first six months of this year, Tullow’s Administrative expenditure reached fifty million dollars while the cash flow which measures how well the company generates cash to pay its debt obligations and fund its operating expenses, also recorded 100 million dollars.
In a remark, the CEO of Tullow Paul McDade described the company’s performance as steady progress overall across the business in the first half of the year.
He added that the management expects another year of solid free cash flow generation.
“Tullow has made steady progress overall across the business in the first half of the year. Our balance sheet remains strong and we expect another year of solid free cash flow generation.”
Meanwhile, Tullow’s average floor price to protect it from global oil price fluctuations is pegged at 56.72 dollars per barrel.