Where to now for Tullow Oil after its latest setback?

In December 2010, John Atta Mills, the late president of Ghana, opened the valves that set the first gush of crude flowing from Tullow Oil’s Jubilee field off the African country’s coast. The exploration group, founded by former chief executive Aidan Heavey, was on the cusp of becoming one of its industry’s biggest players in Africa.

Almost precisely nine years later, on December 9th, 2019, Tullow cut forecasts for production from Ghana for the fourth time in 12 months and suspended dividends. Chief executive Paul McDade and head of exploration Angus McCoss quit. Its shares collapsed, wiping €1.7 billion off the company’s value.

This week Tullow said that drilling in its Carapa-1 well off Guyana’s coast in South America found less oil than expected, but indicated that a nearby lucrative field extended into the company’s licence areas.



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