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Ghana player Tullow has strong year

July 25, 2012 at 7:24 AM   |   Comments

LONDON, July 25 (UPI) -- British energy explorer Tullow Oil said it had an excellent first six months of the year in part due to oil developments off the coast of Ghana.

Tullow Chief Executive Officer Aidan Heavey said gross production from the Jubilee oil field off Ghana is expected to reach 90,000 barrels per day by the end of the year.

The company said it posted a 63 percent profit after tax during the first six months of 2012 when compared with last year.

"Our balance sheet has been transformed by the Uganda farm-down and our financial strength will continue to improve through growing production, as Jubilee fulfills its potential," Heavey said in a statement.

Ghana sought experts to develop its offshore potential, as the government had little experience in managing oil reserves. Its offshore Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels. Production started in 2010.

Ghanaian President John Evans Atta Mills died Tuesday after becoming ill earlier in the week. The Wall Street Journal said Mills is credited with revitalizing the economy in part because of oil discoveries. Ghana's economy last year had the second-fastest growth rate in Africa.

Tullow, a company that focuses on frontier developments, recently announced an oil discovery offshore Ivory Coast.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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