Ghana Jubilee oil sales double Tullow’s revenue to $2.3b in 2011

British oil explorer Tullow Oil Plc recorded a total Group revenue of $2.3 billion in 2011 compared with $1.1 billion in 2010 largely on the sale of crude oil from the Ghana Jubilee oilfields.

“The significant increase in revenue is due to higher sales volumes in 2011, principally due to Jubilee sales, together with the increased realised commodity prices, said Tullow January 18, 2012 in its trading statement.

The Group’s oil production, according to the statement was sold at an average premium of approximately 1% to Brent during 2011 saying “realised oil price was approximately $112/bbl (pre hedge) and $108 (post hedge).”

Tullow’s capital expenditure for 2011 amounted to $1.4 billion which the company says it excluded acquisitions.

It said the purchase of the Kwame Nkrumah FPSO in Ghana was included as a capital addition in 2010 for accounting purposes while in May 2011, it acquired a Nuon Exploration and Production for a cash consideration of €300 million.

It also bought EO Group’s 3.5% working interest in the West Cape Three Points licence offshore Ghana for a combined share and cash consideration for $305 million.

By Ekow Quandzie

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