While the local response to this week’s disclosure that the British company Tullow Oil is now in the process of reassessing the commercial viability of its recent oil discoveries offshore Guyana has been relatively muted, not so that of the wider international community including those constituencies with vested interests in the well-being of the company.
A short while after the disclosure earlier this week that crude from the two wells sunk by the company was found to be “heavy with a high sulfur content,” global oil reporting media were reporting that the company is now reassessing the commercial viability of discoveries in Guyana. In the wake of the announcement to the media here in Georgetown in Tuesday, Tullow Oil’s stocks reportedly plummeted “the most in two decades” in London trading.
