January 11, 2017 / 7:21 AM / 8 months ago

Oil producer Tullow's COO McDade to be next CEO

LONDON, Jan 11 (Reuters) - Africa-focused oil producer Tullow Oil said Chief Operating Officer Paul McDade will be its next chief executive, replacing CEO and founder Aidan Heavey who will become chairman.

In a separate trading statement, the oil producer said on Wednesday 2016 full-year revenue is expected to have fallen 19 percent year on year to $1.3 billion as weak oil prices continued to eat into sales.

Tullow also said production from its new TEN oil fields in Ghana is expected to average 50,000 barrels per day (bpd) 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 bpd.

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. (Reporting by Karolin Schaps; editing by Susan Thomas)

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