Happy days ahead for Tullow Oil
The company's bottom line suffered when crude prices crashed in mid-2014, but a landmark maritime boundary resolution should lead to a welcome boost for company revenues
It's safe to say Les Wood, Tullow Oil's chief financial officer, is a relieved executive. Until late September, Tullow faced the distinct possibility that a legal case over a disputed maritime boundary between Ghana and Côte d'Ivoire might have resulted in the border neatly bisecting the company's cornerstone TEN oilfield development. That would have effectively scuppered plans to boost production, with a sizeable loss of projected revenue. This would have hindered the company's efforts to reduce its debts further. Happily for Tullow, a meeting of the Special Chamber of the International Tribunal of the Law of the Sea in Hamburg, which provides a platform to resolve such disputes, decided to
Also in this section
21 December 2021
The worst possible future for the country’s oil producers goes underexplored in scenario planning
21 December 2021
Production from the Heron field could peak at 9,000bl/d and feed both exports and the domestic market
16 December 2021
The JV assumes the role of Rumaila’s main contractor as a new production target is set
16 December 2021
Supply is gradually returning, but the market will remain tight into next year
