• Tullow Oil cut its board to four members while negotiating the refinancing of more than $1.8 billion in debt.

• The company reduced its 2025 production guidance by nearly 20% after asset disposals in Gabon and Kenya.

• Payment delays from the Ghanaian government continue to pressure the company’s cash flow, according to Reuters.

Tullow Oil has tightened its governance structure in recent months as the company seeks to resolve its critical financial situation, which continues to restrict its operational flexibility.

International media reported on December 1 that Tullow reduced the size of its board while continuing talks to refinance more than $1.8 billion in outstanding debt.

The company appointed Roald Goethe as chairman, replacing Phuthuma Nhleko, and confirmed that three independent directors stepped down. Tullow did not replace the departing members, leaving the board with four directors.

The governance shake-up comes as Tullow’s cash position remains strained. Reuters reported that the company faces delayed payments from Ghana’s government, a situation that complicates day-to-day operations.

Tullow continues to operate mainly in Ghana following the sale of its assets in Gabon and Kenya. The company reduced its annual production forecast by nearly 20% in August to a range of 40,000–45,000 barrels of oil equivalent per day, down from a previous target of 50,000–55,000 barrels.

The lower guidance followed the company’s disposal of its Gabon portfolio to state-owned Gabon Oil Company for $300 million in May. Tullow also reported a net loss of $80 million in the first half of the year.

Meanwhile, the sale of its Kenyan interests reinforced the company’s strategic shift toward a Ghana-focused portfolio.

Discussions with creditors remain ongoing, and Tullow has not provided a public timeline or announced additional measures. The talks follow two failed merger attempts — one with Kosmos Energy in 2024 and another with Meren Energy in 2025.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange Jason Quenum