Tullow Oil may emerge as the latest casualty of the coronavirus this week as it prepares to lay bare the toll of a difficult year, amid growing investor concern for the oil industry in the months and years ahead. The troubled exploration company has already lost more than half its market value since the start of 2019 as the Covid-19 outbreak punctured rising oil markets and cast doubt on the size of world energy demand in the year ahead. The FTSE 250 group warned investors in January that it would take a £1.5bn writedown due to the economic impact of the virus, which has stalled growth in China and threatens productivity across the globe. Since then, oil prices have tumbled to a one-year low of below $50 a barrel, from almost $69 at the beginning of the year, as traders warned the market to be prepared for “zero growth” in oil demand this year.
Guardian 7th March 2020 read more »