London-listed Tullow Oil, currently active in Ghana, Uganda, and Kenya is facing major setbacks in the African Region. A consequence of their recent technical problems at Jubilee Fields in Ghana and a delay in completing a well at the TED offshore Field.
Tullow Oil has also suffered setbacks at East Africa projects in Uganda and Kenya as well as to its plans to develop oil fields in Guyana.
They’ve had to cut its output estimates by 14% this year to 87,000 barrels per day (BPD).
On Monday, the company stated that its 2020 output would decrease further to a maximum of 80,000 BPD and fall again to around 70,000 BPD in 2021-2023.
As a result, CEO Paul McDade and Exploration Director Angus McCoss have resigned from the board of the company.
Investors didn’t react well to this news, which led shares of Tullow Oil down to a 20 year low.
Tullow Oil expects its net debt to stand at around $2.8bn at the end of this year and $2.6bn at the end of 2020.