Africa-focused Tullow Oil reported a loss for a third consecutive year in 2016 after it was forced to write off further exploration costs, the company said yesterday.
Tullow has struck more than 750 million barrels of oil in Turkana.
The oil and gas producer reported a full-year operating loss of $754.7 million (about Sh78.26 billion), down from a loss of $1.09 billion (about Sh113.03 billion) in 2015, but bigger than analyst estimates for a $639.4 million loss (about Sh66.30 billion), mainly due to gross exploration write-offs of $723 million (about Sh74.98 billion).
Sales revenue fell around 20 per cent to $1.27 billion (about Sh131.69 billion) despite its TEN oilfields offshore Ghana coming on stream, as weak oil prices ate into the value of its sales.
