Tullow Oil Reports Surprise Loss, Hits Ghanaian TEN Development
By
Amira Kalawati
1 min read
Tullow Oil Plc has reported a surprise full-year loss after writing down the value of reserves in West Africa. The company posted a loss after tax of $110 million, which missed analyst estimates for a profit. This result is mainly due to an impairment on its Ghanaian TEN development as its fields are going into decline.