Net debt of oil major, Tullow oil, for the first half of 2021 reached $2.3 billion. This was announced by the oil firm’s Chief Executive Officer (CEO), Rahul Dhir.
Commenting on the operational performance of the company for the first half of 2021, Mr Dhir stated Tullow Oil’s net debt was reduced to the current $2.3 billion through the adopted debt refinancing strategy of the company supported by its asset sale in Gabon and Equatorial Guinea.
“The strong operational performance, combined with continued capital discipline, improved market conditions and asset sales in Gabon and Equatorial Guinea, supported our transformational debt refinancing. Tullow now has a strong financial footing and we are making very good progress in delivering on our highly cash generative business plan and continuing to reduce our debt,” stated Mr Dhir.
Meanwhile, Tullow Oil is set to achieve $700 million in revenue on the back of strong operational and financial progress for the first half of this year.
The strong operational and financial progress witnessed by the oil firm is on the back of an oil price of $58 per barrel supported by proceeds generated from the sale of assets in Gabon, Uganda and Equatorial Guinea as well as the commencement of the drilling programme of its wells in Ghana.
“I am pleased to report that Tullow has made excellent operational and financial progress in the first half of 2021. Our producing fields in West Africa are performing well and we have successfully started our drilling programme in Ghana,” said the CEO.
According to the oil giant, group working interest production in the first half of 2021 averaged 61,200 barrels of oil per day (bopd), in line with expectations, with the full year 2021 production guidance revised to between 55,000 and 61,000 bopd from 60,000 to 66,000 bopd.
