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
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
