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Troubled Tullow cuts costs

Tullow Oil has slashed 2020 spending and announced plans to cut its workforce by a third as it reported a 2019 loss of $1.69bn, compared to an $85m profit in 2018. Already under pressure due to lower than anticipated production in Ghana and delays in farming down part of its stake in Uganda, the company has been hard hit by the sharp drop in the oil price in recent days.

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African Energy Gulf States Newsletter