Tullow Oil ( LON: TLW ) share price has staged a strong recovery in the past few months as investors watch several important corporate news. The stock’s recovery has also accelerated as the price of crude oil continued rebounding. It was trading at 37.06p on Friday, ~68% above the lowest level this year.
Production from Tullow Oil’s Jubilee field offshore Ghana has surged past 100,000 barrels per day, as contributions from its new $1 billion Jubilee South East (JSE) project begin to kick-in.
ONGC Videsh, a wholly-owned subsidiary of India’s Oil and Natural Gas Corporation (ONGC), is reconsidering buying a stake in Tullow Oil’s assets in Kenya, reported Bloomberg.
Tullow Oil PLC – Africa and South America-focused oil and gas exploration company – Announces results of its offer to purchase a portion of its outstanding USD800.0 million 7.0% senior notes due 2025.
Tullow Oil plc has said it plans to agree a long-term gas sales agreement with the Government of Ghana covering both Jubilee and TEN fields in 2023.
Tullow Oil has forecast a capital expenditure (CAPEX) of c.$400Million in three African countries 2023.
Tullow Oil plc (Tullow) is pleased to announce the signing of a Production Sharing Contract (PSC) for offshore exploration licence CI-803 in Côte d’Ivoire.
Ignoring stamp duty and broker’s fees, if I’d invested £1,000 in Tullow Oil (LSE:TLW) shares at the start of the year, I’d now have £865. Given that the oil price has consistently exceeded $100 a barrel throughout the period, a fall of 13.5% is disappointing.
Opoku-Ahweneeh Danquah said that there are inherent challenges in Ghana’s oil and gas sector which requires the immediate attention of all stakeholders
Out of it, $544.61 million was realised from crude oil liftings in the first five months of 2022