Sept. 15 (Reuters) – Tullow Oil (TLW.L) CFO Les Wood to step down by the end of March, the oil and gas company said on Wednesday after reporting first-half profit driven by cuts costs.
The London-listed company has also raised the lower end of its production target for 2021 to reflect increased production from its Simba field in Central Africa while postponing the planned maintenance shutdown at the Jubilee plant in Ghana. to 2022.
He now expects production in 2021 of between 58,000 and 61,000 barrels of oil equivalent per day (boe) compared to his previous forecast of 55,000 to 61,000 boe / d.
Tullow, which has been operating in Africa since 1986, said its after-tax profit was $ 93 million for the six-month period ended June, up from a loss of $ 1.33 billion last year due to charges from depreciation.
“Strong operational performance in the first half of the year and transformational debt refinancing put Tullow on a solid footing to deliver on our business plan,” said Managing Director Rahul Dhir.
The company, which is focused in Africa and South America, said the search process to find a new CFO is expected to be completed in the first quarter of 2022.
Report by Shanima A in Bangalore; Editing by Sherry Jacob-Phillips
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