September 15 (Hfrance .fr) - The target (TLW.L) CFO Les Wood to step down by the end of March, announced Wednesdaythe oil and gas company, after turning back to profit in the first half of 2021.
Tullow, which has been operating in Africa since 1986, said that after-tax profit was $ 93 million for the six months ended June, compared to a loss of $ 1.33 billion last year due to impairment charges.
The process of finding a new CFO is expected to be completed in the first quarter of 2022, he said.
The company, whichrefinanced its $ 2.3 billion debt earlier this year, on Wednesday raised the lower end of its 2021 production target to reflect increased production from his Simba field in Central Africa as he postponed the planned closure of the Jubilee factory in Ghana until 2022.
He now expectedis at production in 2021 of between 58,000 and 61,000 barrels of oil equivalent per day (bepd) compared to its previous forecast of 55,000 to 61,000 bepd.
First-half production fell 21%, in line with Tullow's expectations, largely due to a decline in its Jubilee and TEN fields and reflects recent divestitures of its Equatorial Guinea assets and permit Dussafu Marin.
"Strong operational performance in the first half of the year and transformational debt refinancing put Tullow on a solid footing to achieve our business plan "said CEO Rahul Dhir.
Tullow said the company and its joint venture partners have completed the redesign of the project Development Fund, adding that the total gross investment for the project is expected to be around $ 3.4 billion, higher t han les perspectives.
The company, which entered Kenya in 2010, now expects a gross recovery of oil from the project of 585 million barrels of oil (mmbo) over the full life of the field, what analysts at JP Morgan said in a research note was at least 14% higher than their estimate. Report of Shanima A and Pushkala Aripaka in Bangalore; Edited by Sherry Jacob-Phillips and Elaine Hardcastle
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