This is at least the second time in a row that the oil company has posted a loss after tax.

For 2017, Tullow’s loss after tax amounted to 189 million dollars; this is an improvement of about 408 million dollars or 68 percent compared to the 2016 figure of 597 million dollars.

The oil company’s revenue for last year also reached 1.72 billion dollars; up from the 1.27 billion dollars recorded in the preceding year.

This means that Tullow’s revenue from its production went up by 453 million dollars or 36 percent between 2016 and 2017.

Even though Tullow recorded a loss of 755 million dollars in 2016, it managed to accrue some profits of about 22 million dollars last year.

Commenting on the company’s performance for last year, the Executive Vice President for West Africa, Gary Thompson, said,

“Tullow’s West African operations remain at the core of Tullow. In 2017, West Africa delivered over 89,000 bopd of high-margin, low-cost oil and in 2018 we will invest in Ghana to sustain this impressive performance over the coming years.”

“Drilling is due to commence on the Ntomme field by the end of this month and we continue to evaluate the business case of procuring additional rig capacity. I have been particularly pleased by the performance of the TEN fields, with production exceeding 70,000 bopd for the last three months, especially given the delays on completing the development wells which resulted from the ITLOS drilling moratorium. I look forward to similarly strong performances from Jubilee, TEN and our other West African oil fields in 2018.”

On the specific operations in Ghana, the Jubilee oilfields produced an average of 89,600 barrels of oil per day.

On TEN, Tullow is hopeful the permission to drill additional wells after the ITLOS ruling, should increase production from the current 56,000 to about 64,000 barrels of oil per day.

Tullow is also optimistic that the completion of the gas export trial to Ghana National Gas Company should allow for the export and sale of TEN gas as well as the ability to supply gas in substitution for Jubilee gas during the planned Jubilee turret remediation shut-downs this year.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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Ms Barley took away an amount of 7,500 dollars after convincing a seven-member jury for the competition held in Accra.

Ms Barley made a presentation on her company name “Developers in Vogue “aim at creating a relevant community of highly skilled female developers who are passionate about using technology to revolutionize Africa and beyond.

Ms Barley thanked organisers for the programme, saying she would use part of the money to establish a facility for her project to encourage young ladies to build their capacity in ICT.

Out of the ten selected contestants, each was to present his or her business idea to the jury, and the best contestant with the innovative plans would win the ultimate prize to set up the business plan.

Ms Nana Yaa Ayim, a student of Environmental Engineering came second, while Mr Kwasi Djomoh, an IT graduate followed third, and Mr Erasung Saeed Jabutey came fourth. They all received hamper gifts.

Madam Efua Asabea-Asare, the Deputy Minister of Business Development, commended the organisers for the initiative, adding it would help identify the potential and skills of the youth to be self-reliant.

She said the government established the Business Development Ministry to ensure a sustainable business friendly environment that promotes private sector development to create the needed job opportunities for the youth.

The Minister said the Ministry would continue to engage stakeholders for continuous dialogue to build synergies to explore business opportunities for the youth, since they were critical to the country’s economic growth.

She urged the youth to be creative and develop ideas to build entrepreneurial skills, adding that their doors were always open for advice and discussions.

Mr Kelvin Peter Atuguba, Founder of Ten Ghana, said over 150 applicants from over 10 universities applied for the contest, out of which 10 were selected for the final.

He said the goal is to raise students’ entrepreneurship awareness and sensitivity, encourage collaborative thinking and promote civil discourse.

He said the contest was to prepare students for the workplace by enabling them to develop their skills and abilities and providing them with real-world experience.

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Source: GNA

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