Sunday, March 25, 2018

Tullow Oil News

Tullow Exiting North Sea for African Focus

Sells majority stakes in two UK assets for $75.6 mln; stakes sold to Faroe Petroleum. Faroe to take over operatorship of Schooner, Ketch fields. Tullow Oil has sold majority stakes in two UK North Sea gas fields to Faroe Petroleum for $75.6 million, a deal that kick-starts Tullow's withdrawal from mature basins as it looks for new fields in Africa.

Tullow Oil Could Slash Headcount: source

Africa-focused oil producer Tullow Oil is planning to cut jobs and has launched a staffing review, a source familiar with the company said on Tuesday. Oil companies across the globe are grappling with a drastic drop in oil prices that has hit earnings, putting firms under pressure to cut costs elsewhere. "Tullow will be a smaller company," the source said.

BMT Delivers Metocean Support for Tullow Oil

BMT ARGOSS (BMT), a subsidiary of BMT Group, has announced the award of a number of metocean assessments for Tullow Oil Plc., including comprehensive overviews of meteorological and oceanographic conditions in West Africa and South America, to help support the company’s offshore oil and gas exploration and operating activities.

Ugandan Court Orders Tullow Oil to Pay $407m Over Sale

A Ugandan court has ordered British explorer Tullow Oil to pay $407 million in relation to a 2012 sale of oil field stakes, state-run New Vision newspaper said on Wednesday. One industry source told Reuters Tullow Oil had already paid $142 million of that amount, which relates to its disposal of stakes in Ugandan…

Tullow Credit Facilities Remains Unchanged

Photo Tullow Oil

Tullow Oil plc and its lending banks have completed the routine six-monthly Reserve Based Lend (RBL) redetermination process and available debt capacity remains unchanged at US$3.7 billion. This demonstrates the continued support of Tullow’s lending banks during this period of low oil prices and the high quality of Tullow’s asset portfolio.

S&P Cuts Tullow Oil Rating on Ghana Exposure

Standard & Poor's on Tuesday said it had lowered its credit rating for British oil and gas explorer Tullow Oil after it announced a review of its African business which would increase its exposure to Ghana. The recent sharp declines in oil prices put further pressure on Tullow's profits outlook, S&P said, after it cut its long-term corporate credit rating for Tullow to "BB-" from "BB".

Board Changes at Tullow

Courtesy Tullow Oil plc

• Paul McDade, currently Chief Operating Officer, will be appointed Chief Executive Officer following Tullow’s Annual General Meeting on 26 April 2017. This follows an internal and external process led by Tullow’s Nominations Committee. • At the same time, after six years on Tullow’s Board and five as Chairman, Simon Thompson will step down from the Board.

Eco Atlantic to List in London on Wednesday

Eco Atlantic Oil & Gas, a Canadian oil explorer, will list on London's junior AIM market on Wednesday, raising 4.8 million pounds ($6 million) to help finance a drilling campaign offshore Guyana with partner Tullow Oil. Eco Atlantic, which expects to have a market capitalisation of around 20 million pounds when it lists on Wednesday…

Tullow Settle Uganda Tax Dispute

Tullow Oil has agreed to pay $250 million to settle a tax dispute with the Ugandan government out of court, almost half of the sum the east African country had originally demanded in tax relating to a sale of oil licences. Legal proceedings have now been dropped, Tullow said on Monday. Shares in Tullow were rose 0.7 percent by 0942 GMT.

Tullow Oil Drills Dry Well Off Norway

British oil and gas explorer Tullow Oil drilled a dry well in the Norwegian Sea, southeast of the Heidrun field, the Norwegian Petroleum Department said, confirming earlier report by licence partner North Energy. Tullow holds 60 percent of the licence, Lime Petroleum owns 25 percent and North Energy has 15 percent.   (Reporting by Nerijus Adomaitis)

Tullow Oil Abandons Dry Offshore Norway Well

Offshore drilling: File photo

Oil and gas producer Tullow Oil Plc said it had plugged and abandoned a well in the Norwegian North Sea after it failed to find any hydrocarbons. The company said it did not encounter hydrocarbons in the Lupus exploration well, located 35 kilometres southeast of the Oseberg South field in the North Sea. It was the first well in production licence PL 507, Tullow said on Monday.

Tullow Oil Convertable Bond Offering

Courtesy Tullow Oil

Tullow Oil plc today announces the launch of an offering (the “Offering”) of $300 million of Convertible Bonds due 2021 (the “Bonds”). The proposed Convertible Bond Offering will further diversify Tullow Oil’s sources of funding and the proceeds will be used for general corporate purposes and to fund capital investment in the Group’s assets in West and East Africa.

Spike Increases Barents Sea Presence

Bjørn Inge Tønnessen

Spike Exploration Holding AS (Spike) has recently signed an agreement with Tullow Oil Norge AS to swap a 15% interest in licence PL494/B/C for a 15% interest in PL722. PL722 is located in the Hoop area in the Barents Sea. The prospectivity of the PL722 acreage is very attractive, especially after the nearby Wisting oil discovery was made.

XPD8 Wins Contract with Tullow Oil in Ghana

Photo courtesy of XPD8 Solutions

Asset integrity management specialist, XPD8 Solutions, has secured a $564,000 contract for work in West Africa with Tullow Oil. Over six-months, the Aberdeen-headquartered firm will migrate Tullow Oil’s existing computerised maintenance management system (CMMS) to the Maximo software package. The system will support planning…

Tullow Oil Hits Oil in Kenya


Tullow Oil plc (Tullow) announces that the Cheptuket-1 well in Block 12A, Northern Kenya, has encountered good oil shows, seen in cuttings and rotary sidewall cores, across an interval of over 700 metres. Cheptuket-1 is the first well to test the Kerio Valley Basin and was drilled by the PR Marriott Rig-46 to a final depth of 3,083 metres.

Tullow Outlines Details of Ghana's TEN Crude Stream

Tullow Oil has detailed the make-up of the crude that will flow from its TEN project in Ghana and nearly double the West African nation's oil output. The wells from the Tweneboa, Enyenra and Ntomme (TEN) fields will come to market from July or August, Tullow said on Tuesday, adding that they would yield about 80,000 barrels per day (bpd) when fully operational.

Shares in UK Oil Firms Turn Higher After Osborne's Tax Changes

Shares in British oil firms extended gains on Wednesday after the government announced changes to the tax system in the sector to provide relief for the industry in the face of a slump in crude oil prices. UK finance minister George Osborne said he would effectively abolish the petroleum revenue tax, while reducing the rate of a "supplementary charge" on oil and gas producers.

OMV Drills Dry Well in Barents Sea

Austrian oil and gas firm OMV drilled a dry well in the Barents Sea, southeast of the "Wisting" oil found, the Norwegian Petroleum Directorate said on Friday. OMV holds 25 percent in the licence 537. The other partners include Idemitsu Petroleum, Petoro and Tullow Oil with each holding 20 percent, and Statoil with 15 percent. Reporting by Stine Jacobsen

Total Dips Toes into Exxon's Offshore Guyana Play

France's Total has agreed to pay $1 million for an option to buy a 25 percent stake in an oil exploration block offshore Guyana, its first foray into an area close to where ExxonMobil made one of the largest discoveries of the last decade. Eco Atlantic Oil & Gas, a small Canadian exploration company which earlier this year listed on London's junior AIM market…

Total Splashes out on Uganda Expansion with Tullow Stake Deal

French oil major Total has expanded its stake in Uganda's Lake Albert oil project by snapping up most of Tullow Oil's stake for $900 million, the companies said on Monday. The deal, which includes $200 million in cash and $700 million to be used for future development costs of the Ugandan fields and pipelines, means…