Oil Explorer Tullow Oil said it expected to post record revenue of around $1.05 billion for the first half of 2011 as it ramps up output in Ghana and raised its guidance for full-year production.
The company said on Tuesday its key Jubilee oil field in Ghana was on track to reach production of 120,000 barrels per day of oil (bopd) in August, a month later than the guidance it gave in May.
A higher oil price environment combined with Jubilee production growing to around 80,000 bopd will help lift first-half revenues to record levels of $1.05 billion, said the company.
Tullow said it expected full-year production to come in between 90,000 bopd to 94,000 bopd, above the 86,000 to 92,000 level it forecast in January, boosted by acquisitions in Ghana and the Netherlands.
Shares in Tullow, which have fallen almost 5 percent in the last month, closed at 1,253 pence on Monday, valuing the company at 11.2 billion pounds.
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