Leadership

Tullow Oil revenues fall 18pc in 2009

27.01.2010
Dublin-listed oil exploration firm Tullow Oil says it expects its total revenues for 2009 will be down 18pc to £570m compared to the £692m reported in 2008.

The fall is due to lower sales volumes and the “significant reduction” in commodity prices during the year, Tullow said.

The company said it spent about £690m on development, appraisal and exploration activities in 2009 and that it expects to spend £990m in 2010.

Tullow's activities in Ghana and Uganda will comprise approximately 60pc of the anticipated 2010 capital outlay.

Group working interest production for 2009 averaged 58,300 boepd, in line with previous guidance, Tullow said, with average working interest production for 2010 expected to be between 55,000 and 57,000 boepd.

“2009 was another great year for Tullow. We de-risked our portfolio with material discoveries and consolidated our reputation as an exceptional explorer,” said Tullow Oil CEO Aidan Heavey (pictured).

Heavey said Tullow’s Jubilee development in Ghana remains on track and will firmly establish the company as an offshore operator in Africa.

In reference to the situation in Uganda, where Tullow is currently presenting various partners to the Ugandan Government for approval, Heavey said that aligning interests in the country with “a like-minded long-term partner represents a unique opportunity to create a basin-wide development plan that truly fulfils the needs and expectations of the Government of Uganda and its people”.

“In the five extraordinary years since the Energy Africa acquisition in 2004, Tullow has become Africa's leading independent oil company. We have never been in a better position to deliver growth and create opportunities and we look forward to 2010 with confidence,” Heavey added.