Tullow is in survival mode but sees a turn in the tide
- 10 Nov 2016
Tullow Oil, in its heyday a ‘super-independent’ with a FTSE 100 listing, marks the 30th anniversary of its founding this year in survival mode – although the start-up of the TEN development in Ghana provides some relief in cashflow terms. Tullow’s 2016 capital expenditure is set to be less than $1bn, down 41% from its 2015 level, while its 2017 spending will fall to $275m in a base-case scenario, with a further $250m of optional additional spend.
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