Browsing: Early Oil Production

Tullow Oil response: The Kenya project still commercially viable

For Tullow Oil, the year 2020 has not started particularly well with collapsing hopes, poor oil output and boardroom maneuvers almost pushing the British oil firm into oblivion. In the peak of the storm, the company lost half its value on the stock market after bad fairing in Ghana and Guyana and a delay in the sale of the Ugandan stake. This led to global readjustment with the Kenyan operations announcing job cuts.

This is a situation well explained by Dorothy Thompson, Executive Chair, Tullow Oil plc.  “This has been an intense period for Tullow as we have worked hard on a thorough review of the business which has led to clear conclusions and decisive actions. We are focused on delivering reliable production, lowering our cost base and managing our portfolio to reduce our debt and strengthen our balance sheet. Even with recent events in oil markets, Tullow’s assets remain …