Tullow Oil plc has completed the pre-emption transaction to take its interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields in Ghana. PRODUCTION The pre-emption relates to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The $118 million payment sees an […]
Tag: Tullow Oil plc
Tullow Oil records transformational 2021
Tullow Oil plc said it would follow a transformational 2021 by delivering its long-term business plan for the company’s African oil and gas assets. FINANCES In its full year results for the year ended 31 December 2021, the company recorded revenue of $1,273 million (2020: $1,3960) with gross profit of $634m (2020: $403). Loss after […]
Tullow receives $75m after Uganda final investment decision
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 […]
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 […]