London — Africa-focused oil producer Tullow Oil said chief operating officer Paul McDade will be its next CEO, replacing founder Aidan Heavey who will become chairman. In a separate trading statement, the oil producer said on Wednesday that 2016 full-year revenue was expected to have fallen 19% year on year to $1.3bn as weak oil prices continued to eat into sales. Tullow also said production from its new TEN oilfields in Ghana was expected to average 50,000 barrels a day this year, lower than previously expected, due to problems with managing pressure in one of the reservoirs. The fields started pumping oil in mid-August and once at full capacity they will be able to produce 80,000 barrels a day. McDade’s appointment, which will take effect after the company’s annual general meeting on April 26, means Heavey, CEO for 31 years, will gradually retire from the company he set up as his chairmanship is limited to two years. Earlier this week French oil major Total agreed to buy a stake i...
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