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
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis