Rahul Dhir

10 Aug

Boost For Tullow Oil In Chase For High-Return Production Assets In Africa

wontumionlineBusinessRahul Dhir, Tullow Oil

Africa-focused independent Tullow Oil has received approval from Gabon's government for the extension of several of its licences until 2046, which boosts its resource base in the country. Tullow on Wednesday confirmed the licence extensions increase the value of its resource base through the addition of around 5 million barrels of net 2P — proven and probable — reserves that will deliver approximately 100% 2P reserves replacement in Gabon this year. “This activity is in line with the group’s strategy to focus on its high-return production assets in Africa and unlock value through optimisation of its non-operated portfolio,” said the…

08 Mar

Tullow Oil Recovers From Loss Position To Record $49m Profit In 2022

wontumionlineBusinessGhana, Rahul Dhir, Tullow Oil

Tullow Oil recovered from its loss position in 2021 to record a profit of $49 million in 2022. The oil giant lost $81 million in 2021. Data published by the oil exploration indicates that the company’s gross profit reached $1.086 billion in 2022. This is compared with $647 million recorded in 2021. Details of the 2022 earnings The company’s revenue also went up by 40% to $1.7 billion. This included the hedge cost of $319 million. Tullow Oil CEO on 2022 profit and operations Commenting, the Chief Executive Officer of Tullow Oil, Rahul Dhir, noted that a high focus on…