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Tullow Oil doubles profits in H1 2021 to £232m and starts hunt for new CFO


London-listed Tullow Oil doubles earnings within the first half to £232m and begins the hunt for brand spanking new CFO

  • Irish agency made a gross revenue of £232m ($321m) within the six months to 30 June
  • This compares to £118m ($164m) throughout the identical interval in 2020
  • It stated the beneficial properties had been pushed by a variety of cost-cutting measures 


Irish agency Tullow Oil doubled its earnings for the primary half of the yr on the identical time final yr, a buying and selling replace reveals. 

The London-listed firm made a gross revenue of £232 million ($321 million) within the six months to 30 June, in comparison with £118 million ($164 million) throughout the identical interval in 2020. 

It stated the beneficial properties had been pushed by a variety of cost-cutting measures, with one being the discount of non-payroll administration prices together with outsourcing, data programs bills and workplace lease.

Irish agency Tullow Oil doubled its earnings for the primary half of the yr on the identical time final yr, a buying and selling replace reveals

The London-listed firm, which has been working in Africa since 1986, stated revenue after tax got here in at $93 million for the six months to 30 June, from a lack of $1.33 billion final yr as a consequence of impairment costs.

Trying forward, it has raised the decrease finish of its 2021 manufacturing goal to replicate elevated output from its Simba area in Central Africa, whereas it deferred the deliberate upkeep shutdown of the Jubilee plant in Ghana into 2022.

It now expects 2021 output of between 58,000-61,000 barrels of oil equal per day (boepd) in contrast with its earlier forecast of 55,000-61,000 boepd.

Commenting on the outcomes Chief Government Officer Rahul Dhir stated: ‘Sturdy operational efficiency within the first half of the yr and a transformational debt refinancing have put Tullow on a agency footing to ship our Enterprise Plan. 

‘Our West Africa manufacturing belongings have carried out properly, and we’re narrowing manufacturing steering for 2021 to the higher finish of the vary. 

‘In Kenya, the revised growth plan creates a strong mission that has the potential to ship materials worth to the Authorities of Kenya and different stakeholders.’

Dhir added that the agency is dedicated to being Web Zero by 2030 with ‘an emphasis on accountable operations’ to minimise its environmental affect.

Together with its outcomes, Tullow Oil introduced on Wednesday that it is finance chief Les Wooden will step down by the tip of March. 

The corporate, targeted in Africa and South America, stated the search course of to discover a new chief monetary officer is anticipated to conclude within the first quarter of 2022.   

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