Tullow Oil faces challenges
Tullow will refocus its business strategy on high-quality, low-cost oil projects in West Africa. One such project, the $4.9 billion Ghana TEN development, is expected to come onstream in mid-2016. The company has the financial means to bring the project into production and will not need to raise additional funds.
“Unfortunately dividends are a luxury and you need that [financial] headroom. We took a decision to reset the business and streamline it to work at a lower oil price,” The Wall Street Journal quoted chief executive Aidan Heavey as saying.
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