Jan 5 Africa-focused oil producer Tullow Oil Plc
named Les Wood, vice president of finance and
commercial, as interim chief financial officer as its finance
chief Ian Springett takes an extended leave of absence for
The company, which has production assets in Ghana and
exploration acreage in Mauritania, Namibia and Zambia, did not
specify how long Wood would remain the interim CFO.
The change comes amid a prolonged slump in oil prices, which
has pressured Tullow's balance sheet and added to its troubles
including a technical issue at its prized Jubilee field and
system issues at the multi-billion dollar TEN oil fields, both
In response, Chief Executive Aidan Heavey has tightened
Tullow slashed full-year spending budget in November and
lowered the forecast for its oil production in West Africa, even
as a delay in ramping up output at TEN oil fields also weighed
Wood, who joined Tullow in 2014, previously spent 28 years
at BP Plc, including in regional CFO roles in Canada and
the Middle East.
Springett, also an ex-BP regional finance head, has been in
Tullow's top finance job since 2008.
(Reporting by Esha Vaish in Bengaluru; Editing by Amrutha