News | Latest Breaking News Stories & Headlines

Tullow fail to make a commercial discovery in Suriname

Tullow's exploration fails to strike oil in Suriname

Tullow Oil said it had plugged and abandoned an exploration well in offshore Suriname, after not making a commercial discovery.

Business • 27 Oct 17

Tullow Oil has been operating in Ivory Coast since 1997

Tullow buys 90% stakes in Ivory Coast blocks

Tullow Oil has bought 90% stakes in four onshore blocks in Ivory Coast while state oil company Petroci holds the remaining 10%.

Business • 12 Oct 17

The post-tax loss was largely down to an impairment charge for property, plant and equipment of $642m

Tullow Oil makes post-tax loss of $309m

Tullow Oil made a loss after tax of $309m for the first half of the year, after what the company described as "continued challenging market conditions".

Business • 26 Jul 17

Tullow Oil's debt goes down as its gross profits are expected to rise

Tullow pays down debt, raises profit in H1

Exploration company Tullow Oil reduced debt in the first half of the year and reported a rise in gross profit under new CEO Paul McDade.

Business • 28 Jun 17

Ian Springett had been in Tullow's top finance job since 2008.

Tullow Oil's CFO steps down due to ill health

Africa-focused oil company Tullow Oil has appointed Les Wood as its finance head, after its chief financial officer Ian Springett stepped down due to ill health.

Business • 20 Jun 17

Tullow Oil is focused on the African oil sites

Tullow says makes oil discovery in Kenyan well

Oil company Tullow Oil said today that it has encountered 75 metres of net oil pay in two zones at an exploration well in Northern Kenya.

Business • 17 May 17

Angus McCoss is the exploration director and main board director of Tullow Oil

Providence appoints McCoss as non-executive director

Oil exploration company Providence Resources has appointed Angus McCoss as a non-executive director on its board.

Business • 15 May 17

Incoming CEO of Tullow Oil, Paul McDade, said the appointment of Aidan Heavey (above) as chairman is right for the company

Tullow says promoting CEO to chairman best for company

Paul McDade, the incoming chief executive of Tullow Oil, said today the Africa-focused oil firm's proposal to appoint its outgoing CEO as chairman may not be best practice but it was in the company's interest.

Business • 26 Apr 17

Tullow Oil has reported a full-year operating loss of $754.7m for 2016

Tullow reports loss for third year in a row

Tullow Oil today missed forecasts to fall to a third consecutive annual loss as it wrote off more of its Africa-focused exploration business, sending its shares lower.

Business • 08 Feb 17

Major oil firms have announced 11 deals worth over $500m each with a combined value of $31 billion since November

Big Oil back on the acquisition trail

The world's top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices.

Business • 19 Jan 17

Tullow CEO Aidan Heavey to become the company's chairman later this year

Tullow founder to step down as CEO

Tullow Oil's long-serving chief executive and founder Aidan Heavey is to step down in April and retire within two years.

Business • 11 Jan 17

Tullow cuts its 2016 capital expenditure budget to $900m from $1 billion

Tullow Oil cuts West African production forecast

Exploration company Tullow Oil has cut its full-year spending budget and lowered the forecast for its oil production in West Africa.

Business • 09 Nov 16

The first oil flowed to the FPSO Prof John Evans Atta Mills - the floating, production, storage and offloading vessel named after the late President of Ghana

Tullow announces production start at TEN oil field

Exploration company Tullow Oil has announced production has commenced from the TEN oil field of the shore of Ghana.

Business • 18 Aug 16

TEN is set to increase Tullow's group net production by around 60% when it reaches facility capacity around the end of this year

Tullow Oil records pre-tax profit of $24m in H1

Exploration company Tullow Oil has returned to profit, recording a pre-tax profit of $24m - compared with a loss of $10m for the same period a year earlier.

Business • 27 Jul 16

Tullow Oil cuts its 2016 west Africa oil production forecast by around 12,000 barrels a day

Tullow cuts west Africa production outlook

Oil exploration firm Tullow Oil has cut its 2016 west Africa oil production forecast by around 12,000 barrels per day (bpd) due to the temporary shutdown of its Jubilee field offshore Ghana following a technical issue.

Business • 30 Jun 16

Tullow says production at its flagship Jubilee oil field in Ghana would resume in the coming days

Tullow Oil reduces capital spending again

Exploration company Tullow Oil has reduced its annual capital expenditure budget by another $100m to $1 billion and may cut spending further as it adjusts its balance sheet to weak oil prices.

Business • 28 Apr 16

Low oil prices have prompted international oil firms to reduce spending on exploration and development.

Tullow makes new oil find in Kenya

Tullow Oil has made an oil discovery in Kenya, which could mean opening up a second oil basin for development in the country south of finds already made.

Business • 16 Mar 16

Tullow Oil's balance sheet had been stress tested at $25 a barrel

Tullow has enough cash for weak oil market

Exploration company Tullow Oil said today it had enough cash to weather low oil prices this year as it entered 2016 with $1.9 billion in cashflow and loans from banks.

Business • 13 Jan 16

Tullow Oil finds oil in northern Kenya

Exploration company Tullow Oil has said that one of its wells in Kenya has encountered high quality oil reservoirs.

Business • 15 Dec 15

Tullow cuts its full-year production forecast from its West African fields

Tullow cuts spending budget due to weak oil prices

Tullow Oil has reduced its 2016 capital expenditure budget by more than a third below this year's investments to $1.2 billion, cutting costs as weak oil prices continue to eat into its profit.

Business • 11 Nov 15

Tullow says legal proceedings have now been dropped in Uganda case

Tullow pays $250m to settle Uganda tax dispute

Tullow Oil has agreed to pay $250m to settle a tax dispute with the Ugandan government out of court.

Business • 22 Jun 15

Tullow has already drilled all of the 10 wells expected to be operational when the Ghana field starts pumping oil

Tullow shares rally after ruling on Ghana project

Tullow Oil shares rose today after a favourable weekend ruling by an international maritime tribunal that allowed it to continue developing its TEN oil field off the coast of Ghana.

Business • 27 Apr 15

Tullow's total committed debt facilities now stands at around $6.3 billion

Tullow gets $450m lending boost from creditors

Tullow Oil has raised an additional $450m of capital from existing lenders, boosting the energy firm's financial strength amid weak oil prices.

Business • 20 Mar 15

Shares fall as Tullow makes first loss in 15 years

Exploration company Tullow Oil has reported a $2 billion pre-tax loss and has scrapped a dividend payment as it deals with the consequences of fallen oil prices.

Business • 11 Feb 15

Tullow Oil is trying to contain costs amid a dramatic fall in oil prices

Tullow writes off $2.3 billion as oil price falls

Tullow Oil has written off $2.3 billion in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time.

Business • 15 Jan 15