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Tullow Oil PLC reported a sharp increase in profits at its Ghana operations, with pre-tax profits reaching $411 million in the first six months of 2024.
This is a staggering increase of more than 50% compared to $266 million in the same period of 2023. The figure was included in Tullow Petroleum’s half-year results released to global investors on August 7, 2024.
The company also paid $144 million in taxes to the Ghanaian government, covering operations from January to June 2024.
The profit is the highest recorded by all Tullow subsidiaries this year.
Notably, this financial achievement comes amid a dispute between Tullow and the Ghana Revenue Authority over taxes owed for operations between 2022 and 2023.
On the operational side, Ghana’s offshore oil facilities performed strongly, maintaining high efficiency levels in the first half of 2024 with an uptime of 97%.
The Jubilee field produced 90,100 barrels per day, slightly below expectations, but the Tweneboah Enyenra Ntomme (TEN) field produced 19,000 barrels per day, exceeding expectations.
Ghana’s gas production is expected to average 6,500 barrels of oil equivalent per day (boepd) in the first half of 2024. The existing gas sales agreement sets the price at $3.00 per million British thermal units (mmbtu) and will run until the fourth quarter of 2025.
“We are currently in discussions to explore further opportunities to sell gas to third parties, which could create a significant long-term revenue stream.
citinewsroom.com
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