GHANA: TULLOW OIL RECORDS $189M POST-TAX LOSS FOR 2017

ACCRA– Ghana’s oil exploration and production firm Tullow Oil recorded another loss in its operations for last year.

According to the 2017 financial results released by the company, it posted a tax loss of $189 million after write-offs and non-cash impairments; free cash flow of $543 million.

This, however, represents a significant reduction from the $597 million posted for last year.

The company has, however, announced that it is expected to commence fresh drillings on TEN oil fields possibly before the end of the first quarter of 2018.

This was after, it won the legal battle on the disputed area on the fields, after the International Tribunal for the Law of the Sea (ITLOS) made its decision with regard to the maritime boundary dispute between Ghana and Ivory Coast.

Source NAM NEWS NETWORK

   

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