Tullow expects to report pre-tax impairments and exploration write-offs of around $1.5 billion for 2019, as a result of a lower oil price forecast and a reduction in 2P reserves at the TEN project, offshore Ghana.
Ghana has had a decidedly mixed couple of months, with a major offshore discovery offsetting problems at Tullow Oil and Aker Energy.
Tullow Oil chief executive Paul McDade and exploration director Angus McCoss have resigned with immediate effect as production expectations for 2020 and beyond have been slashed.
Kosmos Energy notched up $16 million in net income for the third quarter, while also celebrating a discovery offshore Equatorial Guinea.
Springfield Exploration and Production began drilling the Afina-1x well, offshore Ghana, on October 7.
Scotland-based Flintstone Technology has won a multi-million pound contract for work on Tullow Oil’s Jubilee FPSO in Ghana.
Tullow Oil said it has received confirmation from its insurers that they accept a recoverable claims for the Jubilee turret.
Tullow Oil said it has received insurance cover for its floating, production, storage and offloading vessel (FPSO) Kwame Nkrumah.