UK-listed Tullow Oil said today it expected record full year results for 2011 despite slower-than-expected ramp up at its key Jubilee field offshore west Africa.
Production from its offshore Ghana field in 2011 is now expected to average between 79,000 and 81,000 barrels of oil per day.
However, the firm said it had delivered record cash flows – underpinned by production from Jubilee, one of west Africa’s biggest offshore oil discoveries in a decade.
Work to develop a field in Uganda has been delayed and is awaiting government approval but the firm said it anticipated “basin-opening wells” across its portfolio before the year end.
Tullow’s interim management statement added: “With development plans across the group gathering pace and production continuing to grow, the outlook for the full year and for 2012 remains very positive.”
In a separate announcement, Tullow said Simon Thompson had been appointed non-executive chairman.
He will take up the role on January 1, succeeding Pat Plunkett who, after 11 years in the role, announced earlier this year his intention to stand down as chairman.
Mr Thompson is currently a non-executive director of both Newmont Mining Corporation and Amec.