Tullow Oil regains profits after tax and resumes dividends | Agricultural products

* Profit after tax of 2018: 85 million dollars

* 2018 dividend set at 4.8 cents / shred or $ 67 million

* Suspended dividends in 2015

* Accepted the "principles" of the tax agreement with Uganda

February 13 (Reuters) – Tullow Oil, a group focused on Africa, released Wednesday its first annual after-tax profit over five years and announced its recovery of dividends with a distribution of 4.8% per share, while it targets East African projects and drilling in French Guiana.

As announced in November, Tullow will pay at least $ 100 million to shareholders this year, while reducing its debt by $ 3.1 billion and increasing expenses to $ 570 million at the same time.

The bulk of this money will help increase production in Ghana, which will allow Tullow to increase production to 90,000 barrels of oil equivalent per day (boed) this year.

Tullow achieved after-tax profit of $ 85 million on a $ 1.9 billion business last year, boosted by rising oil prices and cost discipline.

A payment of $ 208 million after the sale of a stake in Total to its onshore fields in Uganda was delayed last year because the country had requested more tax than expected on the transaction .

Tullow said on Wednesday that he was now agreed on the principles of the tax deal.

Tullow plans to give his final green light to his Ugandan project in the middle of the year and Kenya later this year.

The first steps to be taken include funding agreements for two pipelines to move oil from onshore fields to the Indian Ocean coast.

In Uganda, Tullow plans to finalize commercial and land deals in the first half of the year.

In Kenya, Tullow expects government trade framework agreements and plans to acquire land for the 800 km pipeline in the first quarter.

In Guyana, Tullow plans to drill the Jethro prospect in the second quarter as the first of two planned wells on the Orinduik block.

The company has covered just under 60,000 bpb for 2019 at a floor price of $ 56.24 per barrel and 25,000 bpd of its production for 2020 at $ 59.00 per barrel.