Tullow Oil shares tumble despite cut in losses and debt levels

Tullow Oil CEO Rahul Dhir sees production levels rising.

Tullow Oil has reported a huge drop in its annual losses and a decline in its net debt levels, whilst also saying production levels at its core offshore oil-producing assets in western Africa could surge in the next few years, but its shares still tumbled.

The Irish-founded and Africa-focused oil and gas company said it made an after-tax loss of $81m (€74.3m) last year, down from a loss of over $1.2bn in 2020.