Guyana has just joined the ranks of oil producing nations as ExxonMobil is already commercializing its huge oil finds offshore the South American country, but London-listed Tullow Oil continues to struggle with its acreage offshore the industry’s newest producer. Shares in Tullow Oil started 2020 pretty much the way they had finished 2019—on the plunge. Shortly after market open on Thursday, Tullow Oil’s shares slumped by 20 percent, before recovering to a 6-percent drop at 1:25 p.m. London time. The reason for the new sell-off in Tullow Oil shares was an announcement from the company made earlier on Thursday, which said that although Tullow had found oil in the Carapa-1 exploration well offshore Guyana, the volume is less than initially expected. “While net pay and reservoir development at this location are below our pre-drill estimates, we are encouraged to find good quality oil which proves the extension of the […]