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Tullow: Capital expenditure cuts won’t affect Jubilee, TEN projects

  • SOURCE: | qwesa2big

    1.8643521Ongoing developments on the Jubilee and Tweneboa Enyenra, Ntomme oil fields will not be affected despite cuts in funds set aside for the infrastructure projects.

    That is the assurance coming from Tullow Oil PLC.

    The exploration firm on Thursday announced cuts in budget allocated for capital expenditure for this year and 2017.

    Tullow says some 600 million dollars allocated for the TEN project, Ghana second biggest oil field will not be affected, will the project through.

    Tullow Oil for the second year running recorded a loss in its operations.

    The oil exploration company lost 1 billion dollars in 2015 and 1.6 billion dollars posted in 2014.  The loses have been due mainly to falling crude prices on the international market.

    The current development at Tullow has affected its share price, which has declined by 6 pesewas as at Thursday and its now worth 27 Ghana cedis , 93 pesewas.

    In a related development, Tullow Oil PLC says it is hoping to start recording an improved financial position from next year.


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