Tullow Oil worker is seen at an oil exploration site in Bulisa district, Uganda. Although Tullow has avoided significant battering by the low prices due to its hedging policy, it fears for the worst in the future. FILE PHOTO | REUTERS
Tullow has posted $1.7 billion loss from $85 million profit in 2018, attributed to a meltdown on the value of Kenya and Uganda assets, plus reduced production in Ghana operations.
The company released its full year results for 2019 on Thursday, blaming the collapse of crude prices on igniting a “perfect storm” in its business, and in the process creating “material uncertainties” over its future operations.
