Tullow Oil plc said it had received a contingent payment of $75 million after the final investment decision for the Tilenga project in Uganda and the East African crude oil pipeline (EACOP). EXPOSURE The Africa-focused company added that the figure was in relation to the $575m sale of its assets in Uganda to Total during […]
Tag: Tullow Oil plc
Tullow Oil ordered to pay $76m in dispute with HiTechVision
Tullow Oil plc has been ordered to pay $76 million to HiTecVision in relation to a dispute regarding the acquisition of Spring Energy. DECISION In a statement Tullow said that a panel of arbitrators, working under the jurisdiction of Norwegian law, had delivered an award in favour of HiTecVision. “The panel had been asked to […]
Tullow Oil to increase stake in Jubilee and TEN fields in Ghana
Tullow Oil plc announced it would increase its equity interest in the Jubilee and TEN fields in Ghana. PRE-EMPTION The company has exercised its right of pre-emption related to the sale of Occidental Petroleum’s interests in the fields to Kosmos Energy. Tullow aims to increase its share in the Deepwater Tano (DWT) block by 7.7% to a total […]
Tullow appoints Phuthuma Nhleko as non-executive chairman
Tullow Oil plc has appointed Phuthuma Nhleko as an independent non-executive director and chairman-designate. He replaces Dorothy Thompson CBE who will retire as chairman and from the board by the end of 2021. Mr Nhleko has extensive experience in emerging markets having worked across Africa over the past three decades. He was chief executive of […]
Tullow Oil chief executive officer Les Wood to leave
Tullow Oil plc has announced that its chief financial officer (CFO) and executive director Les Wood has mutually agreed with the board that he will leave the company. Mr Wood will remain CFO and an executive director of Tullow throughout the current reporting cycle. He is expected to leave the group at the end of […]
United acquires Walton Morant from Tullow
United Oil & Gas plc has acquired the Walton Morant licence in Jamaica on a 100% operated basis, with its initial exploration period extended by 18 months. TARGETS The Jamaican Government approved the move which sees United take Tullow’s 80% equity in the licence for a nominal fee to become the operator and 100% equity […]