LONDON Jan 11 Africa-focused oil producer
Tullow Oil said Chief Operating Officer Paul McDade will
be its next chief executive, replacing CEO and founder Aidan
Heavey who will become chairman.
In a separate trading statement, the oil producer said on
Wednesday 2016 full-year revenue is expected to have fallen 19
percent year on year to $1.3 billion as weak oil prices
continued to eat into sales.
Tullow also said production from its new TEN oil fields in
Ghana is expected to average 50,000 barrels per day (bpd) this
year, lower than previously expected, due to problems with
managing pressure in one of the reservoirs.
The fields started pumping oil in mid-August and once at
full capacity they will be able to produce 80,000 bpd.
McDade's appointment, which will take effect after the
company's annual general meeting on April 26, means Heavey, CEO
for 31 years, will gradually retire from the company he set up
as his chairmanship is limited to two years.
(Reporting by Karolin Schaps; editing by Susan Thomas)