Audio By Carbonatix
Tullow Oil made a loss in excess of over $1billion, according to its half-year results.
Revenue was, however, estimated at $731 million.
The loss according to the firm was driven by exploration write-offs and impairments, totalling $1.4 billion pre-tax.
Group working interest production for the first half of 2020 averaged 77,700 barrels of oil per day, in line with expectations.
It also registered negative free cash flow in half-year due to weighting of cash taxes, cash capex, differentials, redundancy costs and working capital
Net debt as of the end of 30 June, 2020 stood at $3.0 billion.
Despite all this, it registered a strong operational performance in Ghana, with both FPSOs delivering in excess of 95% uptime.
Meanwhile, shareholders approved for sale of Ugandan assets for $500 million in cash on completion and US$75 million in cash.
Latest Stories
-
Photos: President Mahama welcomed by President Lukashenko in Belarus
4 seconds -
Ghana touted as a dynamic healthcare & pharmaceutical market in West Africa
1 minute -
A bill into broken ground: Why Ghana’s local governance reform needs more than a new law
11 minutes -
Birim North DCE calls for responsible mining to protect communities and the environment
14 minutes -
Power outage at Adum Central Business area due to transformer fault – ECG
21 minutes -
KNUST, RAIL and Gallaudet University partner to advance inclusive education
21 minutes -
Power outages in parts of Accra and Western Region due to a technical fault – ECG
24 minutes -
Reforming the Bank of Ghana: Why Ghana needs a stronger and more independent Central Bank
32 minutes -
South Africa president Ramaphosa orders migration crackdown amid rising xenophobia fears
33 minutes -
Ghana, South Africa diplomatic collision over xenophobia exposes deep fractures in continental unity
37 minutes -
Accra flooding caused by weak planning and enforcement — Bomfeh
47 minutes -
Ghana rolls out first National Paediatric Imaging Protocol to improve childhood cancer diagnosis
49 minutes -
Monogamous relationships require full commitment, not mood-based decisions — Dr Ayertey
58 minutes -
Firefighters contain two separate fire outbreaks in Accra, no casualties reported
1 hour -
At least 19 dead after major earthquake strikes southern Philippines
1 hour