Tullow Oil has recorded a loss after tax of $300 million for the first half of 2017 due to the falling oil prices.
The figure represents a decrease of 270 million dollars compared to the $30 million profit after tax recorded for the same period last year.
The oil company’s revenue for the first half of 2017, however, went up to $788 million from the 541 million dollars recorded in the same period last year.
Tullow attributed its rising loss to reduced oil price forecasts on the majority of its producing assets.
Meanwhile oil production for the first half of this year went up by 41 percent.
Even though Tullow hedged against global oil prices, the 57 dollars per barrel price was down from the $61 per barrel it received in 2016.
Commenting on the performance, the Executive Vice President for Tullow West Africa, Gary Thompson said he was confident of an equally strong second half, especially with plans in place for stabilising the turret on the Jubilee oilfields.
“Tullow’s West African business had a strong first half of the year. With TEN currently producing in excess of 50,000 bopd from existing well stock and plans in place for stabilising the turret on the Jubilee FPSO,” he said.