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Tullow Oil Reports 2020 Production To Be In Line With Expectations
Wed, 27th Jan 2021 09:37
(Alliance News) - Tullow Oil PLC on Wednesday said it delivered production in line with expectations during 2020 in spite of difficulties caused by the Covid-19 pandemic.
The South America and Africa-focused oil and gas company said it expects 2020 revenue to be about GBP1.4 billion, as working interest oil production averaged 74,900 barrels of oil per day - in line with its prior guidance - and the average realised price was USD50.8 per barrel. For comparison, 2019 revenue was USD1.7 billion, with production at 86,700 barrels of oil per day.
Tullow Oil said it forecasts gross profit to be USD400 million, a 43% decrease from USD700 million in 2019.