Tullow sees key Uganda deal complete
Aug 24, 2011
British oil firm Tullow Oil said it expected to conclude a long-awaited deal in Uganda in September as it posted soaring first half profits and doubled its dividend.
Tullow sees key Uganda deal complete
British oil firm Tullow Oil said it expected to conclude a long-awaited deal in Uganda in September as it posted soaring first half profits and doubled its dividend.
Tullow has been waiting since last year to finalise a deal to bring in new partners French oil major Total and Chinese group CNOOC to start a $10 billion oil development project in Uganda.
"While delays to the farm-down to CNOOC and Total have been frustrating, we now expect completion in September," Aidan Heavey chief executive said in a statement on Wednesday as the company reported its first half results.
Tullow, which has assets across Africa and in the North Sea, posted pretax profit of $540 million in the six months to June 30, a 312 percent jump compared to the year earlier period, beating a consensus forecast of $509 million from a company-supplied poll of analysts.
Profits were boosted by a higher oil price and from the company's ramp up in production at its Jubilee field in Ghana.
The company said it planned to double the interim dividend to 4 pence per share to reflect the fundamental change in its finances brought about by bringing Jubilee onstream. Reuters
British oil firm Tullow Oil said it expected to conclude a long-awaited deal in Uganda in September as it posted soaring first half profits and doubled its dividend.
Tullow has been waiting since last year to finalise a deal to bring in new partners French oil major Total and Chinese group CNOOC to start a $10 billion oil development project in Uganda.
"While delays to the farm-down to CNOOC and Total have been frustrating, we now expect completion in September," Aidan Heavey chief executive said in a statement on Wednesday as the company reported its first half results.
Tullow, which has assets across Africa and in the North Sea, posted pretax profit of $540 million in the six months to June 30, a 312 percent jump compared to the year earlier period, beating a consensus forecast of $509 million from a company-supplied poll of analysts.
Profits were boosted by a higher oil price and from the company's ramp up in production at its Jubilee field in Ghana.
The company said it planned to double the interim dividend to 4 pence per share to reflect the fundamental change in its finances brought about by bringing Jubilee onstream. Reuters