Oil & Gas company Tullow Oil is set to drill four wells in Ghana by the close of the year

GHANA – Tullow Oil, a multinational oil and gas exploration company, is targeting to drill four wells in Ghana by the close of the year in an effort to increase production from its Jubilee and TEN fields to offset anticipated near-term output declines. The Maersk Venturer drillship has been contracted to start a multi‐well drilling programme for a minimum period of four years. The rig has arrived in Ghanaian waters and is scheduled to commence drilling in April. It is expected to drill and complete four wells this year, consisting…

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Tullow Oil shifts focus to West African delivery as it invests US$2.7bn

GHANA – Britain’s Tullow Oil will commit 90% of its investments in coming years on its producing offshore oilfields in West Africa and put exploration on the back burner to reduce debt. The move seeks to boost the firm’s cash generation as well as secure the group’s future. According to the firm, they will be able to generate US$7 billion of operating cash flow over the next decade, of which US$2.7 billion will go to the oilfields in Ghana, which form the backbone of its business, while US$4 billion will…

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Uganda approves US$575m Tullow stake sale to Total

UGANDA – Tullow Oil has received an approval from the Ugandan government for the sale of a $575 million stake in an oil project to Total. The beleaguered oil explorer has been waiting since 2017 to close its divestment in the Lake Albert Development Project, an effort repeatedly hindered by tax disagreements with Uganda government. As it sought relief from lenders this year to avoid blowing through debt covenants, securing proceeds from the sale became key to restoring stability. “The government of Uganda and the Ugandan Revenue Authority have executed a binding…

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Tanzania, Uganda sign deal on $3.5bn crude oil pipeline

TANZANIA – Tanzania and Uganda have signed an agreement to commence construction on a 1,445-kilometre crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said. The project focuses on oilfields in landlocked Uganda discovered in 2006 near Lake Albert and proposes pumping the crude to the coast via a pipeline across Tanzania. The pipeline is estimated to cost of $3.5 billion. According to Mr. Hassan Abassi, the Tanzanian government spokesman, 80% of the pipeline will run through Tanzania. The multi-national plan is…

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Total E&P acquires Tullow Uganda’s stake for $575m

UGANDA – Tullow Oil Plc, a British oil explorer, has sold all its assets in Uganda to Total Uganda at US$575 million to cut on debt, with bids for selling the Kenyan unit expected to follow.  Tullow announced that it would transfer its entire interests in Blocks 1, 1A, 2 and 3A in western Uganda and the proposed East African Crude Oil Pipeline (EACOP) System for cash consideration of US$575 million plus potential contingent payments after first oil.  “This deal is important for Tullow and forms the first step of…

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Tullow refurbishes Takoradi Airport Apron, builds new complex to enhance air operations

GHANA – Tullow Ghana Limited, one of the largest oil producing companies in the country,  has handed over the refurbished Takoradi Airport Apron to the Ghana Air force. The Oil multinational also commissioned a new office complex at the airport which was built to enhance airport operations.  Refurbishment works at the airport included the reconstruction of an area of 22,692 square metres, excavation works and the rehabilitation of five thousand- metre square of roads. Report from Tullow show that the total overhaul of the airports tarmac was done at a…

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