Tullow Oil’s past exploration fame sputters out with Guyana flop

The firm is now focusing on assets in West Africa, where the company has increased its stake in its flagship Jubilee field off Ghana. 

Rahul Dhir (pictured) took the helm in 2020 following a disastrous year for the company that saw its production outlook slashed, its dividend suspended and its CEO resign. 

Irish-founded Tullow Oil, which once thrilled shareholders with big-ticket discoveries in Africa, has seen its reputation for frontier finds fizzle out with a final well off Guyana proving a dud.

The Beebei-Potaro well hit water, and has been plugged and abandoned, the company said yesterday. That caps a string of failures for Tullow in the Guyana-Suriname basin, vindicating Chief Executive Officer Rahul Dhir’s decision to shift the firm away from risky exploration and concentrate on producing fields.