Tullow Oil, an independent oil & gas, exploration and production group, terminated a $827m merger with Capricorn Energy, an independent, UK-based oil and gas exploration and production company. Tullow boss Rahul Dhir will lead the combined group, which will be majority-owned by Tullow shareholders. It is expected to have an output of around 100k barrels of oil equivalent per day, with reserves of 343m barrels of oil equivalent.