Tullow Oil has reported more than a halving of its net income 2007 over 2006 on poor gas prices and exploration work.The cost of drilling wells in Africa and the North Sea doubled to $130 million, just as the company attained less for its gas by 19 percent, or 37 pence per thermal unit.
Company boss Aidan Heavey still saw an “extremely promising” outlook for 2008 and beyond based on rising African production. Tullow’s European flows are seen falling off by some 4,000 barrels of oil equivalent per day to 24,500 boed, somewhat over half the company’s expected Africa production this year.
In Africa, the 500-million-barrel Jubilee oilfield is being conceptualized, as is Lake Albert in Uganda.
Source: Scandinavian Oil and Gas
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