Happy days ahead for Tullow Oil
The company's bottom line suffered when crude prices crashed in mid-2014, but a landmark maritime boundary resolution should lead to a welcome boost for company revenues
It's safe to say Les Wood, Tullow Oil's chief financial officer, is a relieved executive. Until late September, Tullow faced the distinct possibility that a legal case over a disputed maritime boundary between Ghana and Côte d'Ivoire might have resulted in the border neatly bisecting the company's cornerstone TEN oilfield development. That would have effectively scuppered plans to boost production, with a sizeable loss of projected revenue. This would have hindered the company's efforts to reduce its debts further. Happily for Tullow, a meeting of the Special Chamber of the International Tribunal of the Law of the Sea in Hamburg, which provides a platform to resolve such disputes, decided to
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