Net debt of oil major, Tullow oil, for the first half of 2021 reached $2.3 billion. This was announced by the oil firm’s Chief Executive Officer (CEO), Rahul Dhir.
The strong operational performance, combined with continued capital discipline, improved market conditions and asset sales in Gabon and Equatorial Guinea, supported our transformational debt refinancing. Tullow now has a strong financial footing and we are making very good progress in delivering on our highly cash generative business plan and continuing to reduce our debt,” stated Dhir.
Meanwhile, Tullow Oil is set to achieve $700 million in revenue on the back of strong operational and financial progress for the first half of this year.
I am pleased to report that Tullow has made excellent operational and financial progress in the first half of 2021. Our producing fields in West Africa are performing well and we have successfully started our drilling programme in Ghana,” said the CEO.
According to the oil giant, group working interest production in the first half of 2021 averaged 61,200 barrels of oil per day (bopd), in line with expectations, with the full year 2021 production guidance revised to between 55,000 and 61,000 bopd from 60,000 to 66,000 bopd.
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