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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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Tullow Oil Plc commends resilience of Ghana’s operations despite difficult times

byBobbie Osei
September 11, 2020
in Oil And Gas, Top Stories
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CEO of Tullow Oil Plc Rahul Dhir has cited governments’ effective handling of the COVID-19 pandemic as a contributory factor to the impressive performance of its Ghana operations.

Despite recording a $1.3 billion dollar loss after tax for the first six months of 2020, Ghana saw the strongest performance in the entire group producing an average of 54, 000 barrels of oil per day out of the total 77,700 barrels of oil per day produced from January to June.

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In a virtual address to stakeholders on the Company’s half-year performance, Rahul Dhir said Tullow Oil was focused on continuous improvement to maintain the uptime of both FPSO Kwame Nkrumah and John Evans Attah Mills, in excess of 95%.

“On the operations side we delivered a strong performance I would say in H1. In Ghana in particular the performance is pleasing, and I would have to say we appreciate all the help we’ve had from the government of Ghana for their support. For two main things, for the gas offtake as well as the management of the pandemic. We’ve had outbreaks on offshore that have impacted both FPSO’s but we’ve managed these very effectively and there’s been no impact on our production.”

Tullow Oil Plc records $1.3 billion loss after tax

Tullow Oil has attributed its $1.3 billion dollar loss after tax for the first 6 months of 2020, on exploration write-offs and impairments totaling $1.4 billion dollars pre-tax.

According to the released 2020 half-year results, even though Tullow Oil PLC had a huge loss, it recorded revenue to the tune of $731 million dollars and a gross profit of $ 164 million dollars for the same period.

While the company’s production interests in Equatorial Guinea, Gabon and Cote D’Ivoire averagely delivered 5,000, 16,800 and 1,900 barrels of oil per day respectively, Ghana delivered an average of 54, 000 barrels of oil per day out of the 77, 700 barrels of oil per day produced by the entire group.

Ghana’s strong production performance for the company in the first half of 2020, has continued in the second half of the year with the Jubilee field and the TEN field averaging 90,000 barrels of oil per day and 50,000 barrels of oil per day gross respectively through July and August. This has been driven by continued high facility uptimes and strong well performance across both fields including the Ntomme-09 well that came on-stream in early August.

 

 

 

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