Sunday, March 24, 2019

Tullow Oil News

Norway Fund to Sell E&P Firms

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Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.The proposal announced on Friday said the fund's stakes in integrated companies…

Tullow Oil Returns to Net Profit

(Photo: Tullow Oil)

Africa-focused Tullow Oil reported its first annual net profit in five years on Wednesday and said it would resume dividends with a 4.8 cent per share payout as it sets its sights on East African projects and drilling in Guyana.As flagged in November, Tullow will pay out at least $100 million to shareholders from this year…

Uganda Expects Delayed First Oil Production

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Uganda expects to begin producing oil in 2022, its energy minister Irene Muloni said on Wednesday, indicating a slight delay from the east African country's revised target of 2021.Uganda discovered crude reserves more than 10 years ago but production has been repeatedly delayed by disagreements with field operators…

Tullow to Boost 2019 Output

(Photo: Tullow Oil)

Africa-focused Tullow Oil's production is set to grow to between 94,000 and 102,000 barrel of oil equivalent per day (boed) this year, it said in a trading update on Wednesday, from 90,000 boed last year as it increases output in Ghana.Free cash flow stood at $400 million. It had previously said that with oil prices of $70 a barrel…

Ghana Exploration Licensing Round Attracts Global Majors

Photo courtesy of Tullow Oil

Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country's first exploration licensing round, its energy ministry said.The interest is a major vote of confidence in Ghana, which is keen to unlock more resources after it began pumping from…

Tullow Oil Debt Down to $2.8 Bln

(Photo: Tullow Oil)

Tullow Oil forecast its net debt would drop to $2.8 billion by the end of the year and slightly raised its full-year free cash flow to $700 million, helped by trimming its capital expenditure.The company had previously said it might reach free cash flow of about $650 million, but in a trading update on Thursday…

Uganda Expects First Oil Production in 2021

Uganda expects to start producing oil in 2021, a year later than initially planned, and its refinery should be up and running by 2023, its oil minister said on Thursday.France's Total is an investor in Uganda's oilfields, with China's CNOOC and Britain's Tullow Oil."Our initial target was 2020. That seems to have slipped and we are looking now at 2021…

Tullow: First Kenyan Crude Shipments in 2019

(Photo: Tullow)

Africa-focused Tullow Oil expects the first crude shipments from its Kenyan oilfields in the first half of 2019 and is pricing the product for the market, the company's chief executive said on Tuesday.Paul McDade also told Reuters that Tullow, which has expanded beyond Africa to the coast of Guyana, was bringing…

UK's Tullow to Ramp Up Ghana Oil Production

Photo: Tullow Oil

UK-based Tullow Oil aims to ramp up its oil production in Ghana to 180,000 barrels per day by the end of the year, following successful drilling of additional wells, its Ghana head Kweku Awotwi said on Tuesday.Tullow is confident of sustaining peak production from its two oilfields in Ghana, using "significant" near-field resources and will leverage additional exploration acreage to grow

Tullow Oil abandons First Namibian Well

(Photo: Tullow Oil)

Africa-focused Tullow Oil will abandon its first well in Namibia, but data gathered in the project indicated it might strike lucky in another attempt, it said on Monday."The Cormorant-1 exploration well in the PEL-37 licence, offshore Namibia, encountered non-commercial hydrocarbons and the well is being plugged and abandoned…

Total Bought 25% in Orinduik Block Offshore Guyana

Total says has exercised option to buy a 25 pct interest in Orinduik exploration block offshore Guyana.* Orinduik operated by Tullow Oil off Guyana contains an estimated 3 billion barrels of oil and gas, its partner Eco Atlantic said on Tuesday, as the two firms prepare to drill in the Latin American oil basin.* Tullow plans to begin drilling in the block in the third quarter of 2019, wi

Tullow Oil Plans to Drill First Guyana Well in 3Q of 2019

Photo: Tullow Oil

Tullow Oil plans to drill its first well in the much-watched Guyana offshore basin in the third quarter of next year in its Orinduik licence bordering discoveries by Exxon, a spokesman said on Wednesday.Exxon and U.S.

Tullow to Pay Seadrill $254 mln Over Ghana Dispute

Photo courtesy of Seadrill

A London judge ordered Tullow Oil to pay rig owner Seadrill around $254 million saying Tullow was wrong to end a rig contract in Ghana on grounds of force majeure over a maritime dispute, Tullow said on Tuesday.Tullow cancelled the contract for Seadrill's West Leo rig in December 2016 after Ghana set a drilling…

China's CNOOC Sees Ugandan Oil Production Starting in 2021

© tomas / Adobe Stock

Oil production in Uganda is likely to start in 2021 at the earliest, China's CNOOC said, giving a later date than the government's 2020 target.CNOOC, which is developing the fields in the west of the country with Britain's Tullow Oil and France’s Total , is aiming for a final investment decision this year so development can start…

ENI on Track to Double Ghana's Gas Output

(File photo: Eni)

Italy's ENI is on track to deliver the first gas from its Ghana operations next month, with output rising to 180 million cubic feet per day by year end, enough to more than double national output, officials told Reuters on Friday.ENI, which began oil production from a 45,000 barrel-per-day reserves a year ago, will…

Offshore Oil: Tullow eyes Ghana Assets

Tullow Oil is interested in new oil blocks off Ghana's coast as part of the British explorer's plans to consolidate its operations in the West African nation, Chief Executive Paul McDade said. Tullow is leading two operations offshore Ghana, including the country's flagship 100,000 barrel-per-day Jubilee field, which began commercial production in late 2010.

Peru's Vizcarra Repeals Tullow's Offshore Oil Contracts

Peruvian President Martin Vizcarra passed a decree that repealed five offshore oil contracts that his predecessor had awarded to Tullow Oil in March shortly before resigning, according to the official gazette on Wednesday.

Ghana to Award New Oil Blocks off West Coast

FPSO Prof. John Evans Atta Mills (File photo: Tullow)

Ghana is set to award nine new upstream oil blocks for commercial exploration off its western coast beginning this year, the energy ministry said on Thursday.The West African country plans to award six of the nine blocks this year while the remaining three will be given out next year through a mix of open competitive tender and direct negotiations, the ministry said in a statement.It sai

Flintstone Secures Contract for Tullow FPSO

Flintstone Technology Ltd said it has secured a contract with MODEC for its in-line tensioning and pull through connection mooring system to be deployed off West Africa.The system will be used on Tullow Oil’s Kwame Nkrumah MV21 floating production storage and offloading (FPSO) vessel located on the Jubilee field…

McTiernan Appointed Non-Executive Chairman, Hurricane Energy

Steven McTiernan

Steven McTiernan has been appointed as Non-Executive Chairman of the board of directors of Hurricane Energy plc, effective May 1, 2018. Dr. David Jenkins, who has acted as Interim Chairman of the Board since November 2017, will return to his previous role as Senior Independent Director on this date.Steven McTiernan…