What has happened to Tullow Oil?

What has happened to Tullow Oil?

Shares in Tullow Oil have more than halved after the company announced a boardroom shake-up, scrapped its dividend, and cut its production forecasts. Tullow says it expects to produce 87,000 barrels of oil per day (bopd) this year, but next year this is set to fall to between 70,000 and 80,000 (bopd).

Which district is Tullow Oil in Ghana?

Company Description: TULLOW GHANA LIMITED is located in Accra, Ghana and is part of the Support Activities for Mining Industry.

When did Tullow start in Ghana?

Tullow Oil is Africa’s leading independent oil and gas, exploration and production group. Our operations in Ghana began in 2006. A year later the world-class Jubilee field was discovered and first oil was achieved in late 2010. This milestone marked Ghana’s emergence as a new player in West Africa’s energy industry.

Who is the CEO of Tullow Oil Ghana?

Rahul Dhir
Tullow Oil

Type Public limited company
Key people Rahul Dhir, (CEO) (from July 2020) Dorothy Thompson (Chairman)
Products Oil and gas
Revenue $1,396.1 million (2020)
Operating income $(1,017.7) million (2020)

Is Tullow Oil a good investment?

With a current price to earnings ratio of 206, Tullow may look somewhat overvalued. This is an indication that a) Tullow is well placed to survive both current and lower oil prices and b) once things improve, cash flow should also swiftly improve allowing the company to start paying off its debts.

Why is Tullow Oil price rising?

The Tullow Oil (LSE: TLW) share price jumped in early deals this morning after the company swung into profit. According to its latest trading update, the West Africa-focused oil explorer posted a $93m pre-tax profit versus a $1.3bn loss the year before, even though production declined during the period.

Who owns Ghana oil?

Government of Ghana
Ghana Oil Company

Type Public
Key people K. Osei-Prempeh (group CEO) Kwamena Bartels (chairman)
Products Petroleum Natural gas Petroleum products
Owner Government of Ghana
Website www.goil.com.gh

Which company discovered oil in Ghana?

Ghanaian exploration and production firm Springfield Group has made a historic deepwater discovery offshore Ghana, the first ever by an indigenous African oil and gas company.

How do I buy Tullow Oil shares?

Tullow Oil is listed on the London Stock Exchange (LSE) and employs 730 staff….How to buy shares in Tullow Oil

  1. Choose a platform.
  2. Open your account.
  3. Confirm your payment details.
  4. Search the platform for stock code: TLW in this case.

Why are EnQuest shares falling?

Shares in EnQuest PLC dropped Thursday after the company downgraded full-year production guidance and reported some operational issues at its fields in the U.K. In September, EnQuest forecast production at the lower end of the 46,000-52,000 barrels range. …

How old is GOIL Ghana?

June 14, 1960
GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and speciality products in Ghana.

Where is Ghana Oil Company located?

Accra, Greater Accra
Ghana Oil Company

Type Public
Headquarters House. No. D659/4, Kojo Thompson Road, Accra, Greater Accra, Ghana
Key people K. Osei-Prempeh (group CEO) Kwamena Bartels (chairman)
Products Petroleum Natural gas Petroleum products
Owner Government of Ghana

When did Tullow start drilling for oil in Ghana?

In May 2013, the Plan of Development for TEN was approved by the Government of Ghana and Tullow commenced its second major operated deepwater development. First oil was achieved on time and on budget in August 2016, three years after the Plan of Development was approved by the Government of Ghana.

What has Tullow done in Ghana?

Since 2006, Tullow has had interests in two exploration licences offshore Ghana. Following seismic acquisition and interpretation, Tullow and its Partners drilled two successful exploration wells in 2007. The wells discovered the major Jubilee oil field in the Gulf of Guinea’s Tano Basin.

What is Tullow Oil plc doing in Uganda?

Tullow Oil plc (Tullow) has agreed the sale of its assets in Uganda to Total with an effective date of 1 January 2020. RBL redetermination confirms debt capacity of $1.9 billion and headroom of c.$700 million. Further cost savings identified. Tullow Oil announces its Full Year Results for the year ended 31 December 2019.

Why are shares in Tullow Oil down 25% today?

Shares in Tullow Oil are down 25% today, falling to 155.60, a two-year low. The reason? The London-listed explorer warned that two ‘significant discoveries’ in waters off Guyana contained heavy oil, prompting warnings that the projects would be difficult to commercialise.