Ghana

Oil & Gas

Tullow Oil drops on concern Ghana dispute may halt activity

Tullow Oil Plc, an energy explorer in Africa, fell to a one-month low in London trading after saying Ghana could be ordered to suspend drilling in an offshore area where it operates. Tullow dropped as much as 8.6% to 354.1 pence, the lowest intraday price since January 30, and was at 363.1 pence at 1:14 p.m. local time. Ivory Coast, which disputes sea boundaries with neighboring Ghana, has asked an arbitration panel to order Ghana to halt drilling in an area where Tullow operates its Tweneboa-Enyenra-Ntomme project, the company said Monday in a statement. The TEN project is set to produce its first oil in mid-2016.