{"id":8065,"date":"2020-03-12T08:07:04","date_gmt":"2020-03-12T08:07:04","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8065"},"modified":"2020-03-12T08:44:41","modified_gmt":"2020-03-12T08:44:41","slug":"tullow-oil-losses-soar-to-1-69b-for-2019","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-losses-soar-to-1-69b-for-2019\/","title":{"rendered":"Tullow Oil Losses Soar to $1.69B for 2019"},"content":{"rendered":"

Irish explorer Tullow Oil has announced that it has recorded a $1.694B in loss after tax for the year ended 31st<\/sup> December 2019. According to the company it has undertaken a business review on all aspects of its operations and cost base including a headcount reduction<\/a> of 35% as part of the restructuring desired to create an effective and efficient organizations.<\/p>\n

Tullow adds that it is targeting a 45 percent reduction in exploration budget as part of its disciplined exploration strategy being headed by a new head of exploration after appointment of Mark MacFarlane as COO. The company adds that through portfolio management it plans to raise in excess of $1 billion of proceeds including further streamlining of the business and reduce gearing.<\/p>\n

\u201cThis has been an intense period for Tullow as we have worked hard on a thorough review of the business which has led to clear conclusions and decisive actions. We are focused on delivering reliable production, lowering our cost base and managing our portfolio to reduce our debt and strengthen our balance sheet,\u201d says Dorothy Thompson, Executive Chair, Tullow Oil Plc.<\/p>\n

In Kenya the company says it continues progress towards the final investment decision (FID) with Front End Engineering Design (FEED) studies for the upstream and midstream parts of the project were finalised . Progress to FID is however been affected by access rights to land and water and the long-form commercial agreements to be entered with the Government of Kenya and the company warns this may make it hard to reach FID by year-end 2020. Meanwhile trucking operations remain suspended until all roads are repaired to a safe standard.<\/p>\n

In Uganda the company says it has revised its write-off amounts with the expiry of the Sale and Purchase Agreements (SPAs) in August 2019 as a result of being unable to agree all aspects of the tax treatment of the transaction with the Government of Uganda which was a condition precedent to completing the SPAs.<\/p>\n

On the recent drop in oil price the company says it remains robust with a strong hedging potential.<\/p>\n

\u201cEven with recent events in oil markets, Tullow\u2019s assets remain robust: we are a low-cost African oil producer, with a strong hedging position, substantial reserves that underpin our business and a high potential exploration portfolio,\u201d She added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Irish explorer Tullow Oil has announced that it has recorded a $1.694B in loss after tax for the year ended 31st December 2019. According to the company it has undertaken … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":7550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[4064,997,1252,2146,2571,2603],"class_list":["post-8065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-fid","tag-ghana","tag-kenya","tag-restructuring","tag-tullow-oil","tag-uganda","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-265","jetpack-related-posts":[{"id":4339,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-focus-on-seismic-surveys-in-2017-as-exploration-expenditure-drop\/","url_meta":{"origin":8065,"position":0},"title":"Tullow Oil To Focus on Seismic Surveys in 2017 As Exploration Expenditure Drop","author":"","date":"February 10, 2016","format":false,"excerpt":"Following the earlier announced cut in exploration costs by Tullow oil the explorer has said it will focus on seismic surveying, processing and interpretation, high-grading and progressing leads to drill worthy prospects as oil prices continue to remain at an all-time low. Tullow Oil which has set just $100 million\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2040,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-cuts-on-offshore-exploration-to-focus-on-east-africa-acreage-as-crude-oil-price-drop\/","url_meta":{"origin":8065,"position":1},"title":"Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop","author":"Samuel Kamau Mbote","date":"November 12, 2014","format":false,"excerpt":"Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. \u201cIn light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital\u2026","rel":"","context":"In "Prices"","block_context":{"text":"Prices","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2272,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-cut-jobs-as-oil-price-slump-continues\/","url_meta":{"origin":8065,"position":2},"title":"Tullow Oil to cut jobs as oil price slump continues","author":"Samuel Kamau Mbote","date":"January 13, 2015","format":false,"excerpt":"Tullow Oil has said it is planning to cut costs through a reduction of its workforce according to an unnamed source quoted by Reuters. In the article by Reuters the source says he or she expects a smaller company in the coming months although no percentage or number was disclosed.\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/tullow-oil.png?fit=385%2C255&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2317,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-cuts-exploration-capital-expenditure-by-80-in-2015-following-oil-price-drop\/","url_meta":{"origin":8065,"position":3},"title":"Tullow Oil cuts exploration capital expenditure by 80% in 2015 following oil price drop","author":"Samuel Kamau Mbote","date":"January 15, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Tullow Oil has said it will be shrinking its 2015 exploration expenditure capital to just $200 million from $1 billion in 2014 as it takes steps to strengthen the business to adapt to current market conditions. 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Block 10 which was licensed to tullow and its partner African Oil which had 30 percent stake saw Tullow's\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4242,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-slashes-east-africa-exploration-budget-focuses-on-pre-development-stage\/","url_meta":{"origin":8065,"position":5},"title":"Tullow Oil Slashes East Africa Exploration Budget Focuses on Pre-Development Stage","author":"","date":"January 13, 2016","format":false,"excerpt":"Tullow Oil has slashed its exploration and appraisal budget by 50 percent compared to 2015 to just $100 million as the company allocated $150 million to pre-development expenditure. 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