“Ghana continues to be the cornerstone of our operations. During the year, operational efficiency remained high with average facility uptime across the FPSOs averaging 97% and a combined average production rate of c.44.1 kbopd net. Five new Jubilee wells (three producers and two water injectors) were brought onstream during the first half of 2024, completing the Ghana drilling programme safely, and approximately six months ahead of schedule”, it said.
Tullow Oil will sell its Gabon assets to Gabon Oil Company for USD 300 million net of tax, the company said on Monday.
The sale involves Tullow’s entire Gabonese portfolio, representing around 10,000 bopd of 2025 production guidance and approximately 36 million barrels of 2P reserves. The effective date for the transaction is January 1, 2025.
“This value accretive transaction with Gabon Oil Company aligns with our strategic priorities to materially accelerate deleveraging and is an important step as we progress our refinancing plans this year,” chief financial officer and interim CEO Richard Miller said.
Tullow Oil Plc’s says its Ghana drilling programme with Noble Venturer will commence in May 2025, with two Jubilee wells (one producer and one water injector).
The production is also expected to come onstream in the third quarter of 2025.
In its 2025 Outlook and Guidance Report, the oil giant said five new Jubilee wells (three producers and two water injectors) have been brought onstream, bringing the drill programme to an end approximately six months ahead of schedule with no recordable safety incidents, and saving over $88 million (gross) compared to the initial budget.
The maintenance activity, set to begin Tuesday, March 25, for 16 days, will upgrade operations, boost production capacity, and reduce risks in the field.
During this period, Tullow Ghana will focus on essential repairs and improvements to the Kwame Nkrumah FPSO vessel, including retooling of key equipment, conducting leak tests and expanding works on the facility to accommodate increased gas export.
Tullow Plc Board Chairman, Phuthuma Nhleko, has reaffirmed the company’s strong commitment to the growth of Ghana’s energy sector, highlighting its long-term partnership with the country for close to two decades.
Tullow Plc Board Chairman, Phuthuma Nhleko has reaffirmed the company’s strong commitment to the growth of Ghana’s energy sector, highlighting its long-term partnership with the country for close to two decades.
The ICC Tribunal concluded that the Branch Profit Remittance tax (BPRT) does not apply to Tullow Ghana’s operations under its Petroleum Agreements for the Deepwater Tano and West Cape Three Points blocks, which include the notable Jubilee and TEN fields offshore Ghana.
Kosmos’ statement follows initial disclosures on December 12, 2024, when media reports revealed the early-stage discussions surrounding a potential all-share offer for Tullow.
US player Kosmos Energy has dropped its bid to acquire Africa-focused UK independent Tullow Oil, the two companies announced on Tuesday. Last week, Kosmos unveiled a possible all-share offer to acquire Tullow. It had a deadline of January 9, 2025, to make the offer. The news sent Tullow stocks down 4% while Kosmos stocks enjoyed […]
U.S. oil and gas firm Kosmos Energy walked away from its pursuit of West Africa-focused Tullow Oil on Tuesday, without specifying any reason for the decision, prompting a 10% drop in Tullow’s shares.