A higher oil price environment combined with production of 80,000 barrels of oil per day from its Jubilee oil field in Ghana will help lift first-half revenues to record levels of US$1.05 billion, the exploration company said.

However Tullow pushed back its target for reaching production of 120,000 bpd from the Jubilee field to August, a month later than guidance it gave in May, owing to rig maintenance.

“The reservoir itself is performing as we expected. We expect to get to 120,000 bpd in late August,” said Chief Operating Officer Paul McDade in a telephone interview on Tuesday.

Tullow said it was close to finalizing a deal in Uganda with France’s Total and China’s CNOOC which will see the two new partners pay Tullow US$2.9 billion as part of a project to turn the East African country into a oil producer.

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