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Tullow Oil delivers surprise profit despite production woes

Tullow Oil, expected to report a post-tax loss of $196m, delivered a surprise $30m profit despite production issues at its West African fields and weak oil prices. It's Jubilee field, after a shutdown in April, restarted in early May producing 62,900 barrels of oil a day in the first half which is expected to reach 85,000 barrel a day in the second half of the year. Tullow is also due to begin production at its TEN oilfield, which is also located off the coast of Ghana, in August. The TEN field would be "transformational” for the company as it would allow Tullow to increase production while cutting costs, and help it to tackle its debt.


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