Page 10 - AfrOil Week 49 2019

AfrOil PERFORMANCE AfrOil
 The cartel set the country’s quota at 1.481mn bpd in 2018 and has not changed it since then, he noted.
Luanda does not see this arrangement as restrictive, the minister indicated. Keeping yields within the current limits is likely to benefit the Angolan economy, especially since OPEC and its allies are working to bring oil prices up to a level where they will generate more revenue for producers, he said. The aim of the OPEC-plus group is to maintain prices at levels that satisfy both consumers and produc- ers, he added.
Azevedo was speaking shortly before OPEC members and their non-OPEC partners agreed to reduce combined output by an additional 500,000 bpd during the first quarter of 2020. This takes their collaborative cut to 1.7mn bpd, around 1.7% of worldwide production.
The market received a boost when the group announced a surprise voluntary addition to the cuts, which will be made mainly by Saudi Ara- bia, bringing the total reduction to more than 2.1mn bpd. The group did not agree to extend the cuts beyond March, despite calls to lengthen the period until June or December amid fears of economic slowdown from member states, but Iraqi Oil Minister Thamer al-Ghadban said that an extraordinary meeting would be held in March.
The agreement was unveiled by Russian Energy Minister Alexander Novak, who told gathered reporters: “We really do see some risks of oversupply in the first quarter due to lower seasonal demand for refined products and for crude oil.” He added that the details of the deal and the distribution of cuts would still need to be ratified ™
Angola’s most productive oilfields are located in the deepwater zone (Photo: Offshore News)
PROJECTS & COMPANIES
Management shake-up at Tullow
The UK-Irish company’s CEO and exploration director have stepped down following changes in the oil production outlook and setbacks in Ghana, Uganda and Guyana
GHANA/UGANDA
TULLOW Oil (UK/Ireland) has suffered a number of setbacks this year, including the col- lapse of a farm-out deal for its assets in Uganda and the discovery of unexpectedly low-quality oil reserves in Guyana. It now appears to be heading for a period of regrouping, following the abrupt resignation of two top executives, CEO Paul McDade and exploration director Angus McCoss.
The company revealed that McDade and McCoss were stepping down in a statement dated December 9. In the statement, it reported that the two had resigned from Tullow’s board of directors “by mutual agreement and with
immediate effect”.
Neither McDade nor McCoss will receive
any payment or compensation upon their departure, according to a separate report from Offshore Energy Today.
Tullow has now begun the process of searching for a new CEO. In the meantime, it
has appointed Dorothy Thompson to serve
as interim executive chairperson. Executive vice-president Mark MacFarlane, whose port-
folio includes East African projects and non-op- erated assets, will assume the position of chief operating officer without taking a seat on the board. 
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w w w . N E W S B A S E . c o m Week 48 11•December•2019