17 February 2013

Ethiopia: Tullow Oil Profit After Tax Falls By Three Percent in 2012

Photo: Msia Kibowa Clark/AllAfrica
Addis Ababa, Ethiopia.

Tullow Oil, which has concession rights in 23 countries, including Ethiopia announced last week that it managed to record 666 million dollars profit after tax in 2012, which showed a three percent decrease when compared to the previous year.

The company, headquartered in London, has signed an agreement with Ethiopia's Ministry of Mines (MoM) for exploration of the South Omo Block, through the Canadian based Africa Oil Plc. It acquired a concession right for 50pc over the block in 2010, which was increased to 65pc subsequently.

The oil and gas exploration company and production group generated revenues of 2.34 billion dollars, up by two percent from 2011, while investing close to one billion dollars in exploration and appraisal, drilling 46 wells with a 74pc success rate.

The company said it has a record 49 wells planned for this year. One month ago the company announced that it is set to start drilling on the concession in South Omo Valley, Southern Regional State, beginning January 2013. The company finalised the Full Tensor Gradimametric Gravity survey and collected seismic data of the area sub-contracted to the Chinese BGP Geo Service Plc on the Southern Omo block, in August 2011.

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