Tullow Oil will issue a $750 million rights issue to pay off debts from its exploration activities in sub-Saharan Africa, Reuters has reported.
Low oil prices have significantly reduced the company’s oil exploration activities in Ghana and Uganda.
In Ghana, Tullow’s production was hit by a faulty turret at its Jubilee FPSO.
Associated gas from the FPSO is used by a power plant linked to the national grid.
Tullow plans to use the extra cash from the rights issue to continue its activities in sub-Saharan Africa and...