0
 

Ghana: Tullow to write down $1.5bn for 2019


Issue 407 - 16 Jan 2020
Beleaguered Tullow Oil said on 15 January it expects to report pre-tax impairments and exploration write-offs of about $1.5bn in its 2019 results in March, mainly due to a $10 reduction in the group’s long-term accounting oil price assumption to $65/barrel and a reduction in 2P reserves at the TEN development in Ghana.Chief financial officer Les Wood told a conference call with analysts the $1.5bn was made up of $700m of impairments, for the oil price and reduction in the Enyenra field reserves, plus $800m of exploration writeoffs, notably for recent wells offshore Guyana.

Want to read more?

Small article

£4

(Access to one 100-400 word article)

Subscribe to African Energy

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map

Register

Need help?

A member of our team will be pleased to assist you

Sales – Alex Wark

Support – Tara Mulvey

Tel: +44 (0)1424 721667