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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Tullow writes off billions due to oil price fall

bycitibusinessnews
January 15, 2015
in Business, Oil And Gas, Top Stories
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Africa focused oil and gas explorer Tullow Oil has written off $2.3bn in relation to exploration work and some of its assets in 2014 and reduced its 2015 investment programme for a second time, the company said on Thursday, 15th January, 2015.

The London-listed company, which is working to contain costs amid a dramatic fall in oil prices, also said it was continuing to review its core business, days after a source told Reuters the firm was expecting to make job cuts.

oil workersTullow Oil is planning to cut jobs and has launched a staffing review.

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Oil companies across the globe are grappling with a drastic drop in oil prices that has hit earnings, putting firms under pressure to cut costs elsewhere.

“Tullow will be a smaller company,” the source said.

London-listed Tullow Oil employs more than 2,000 people across 22 countries, with its African operations accounting for half the total workforce.

[contextly_sidebar id=”zLRwkoRsjYElil9uocWvTFhEpn64OdNM”]Tullow Oil has cut its capital expenditure plans for this year to $300 million, down from $1 billion invested in the first half of 2014 alone.

It has already placed some of its smaller African offshore drilling projects under review in an attempt to rein in exploration costs.

The oil firm is also listed on the Ghana Stock Exchange (GSE) with a sizeable workforce in Ghana.

Tullow Oil, Britain’s fourth largest oil and gas firm and a FTSE 100 company, said it expected to make a gross profit of $0.6bn in 2014, with revenue of $2.2bn, slightly below analyst estimates compiled by Reuters.
Source: Reuters/Fin24/citifmonline.com/Ghana

 

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