As Tullow Oil works to execute its merger with Capricorn Energy, the company is focusing on growth projects.
Tullow Oil increased emissions in 2021 amid delays in installing gas capturing equipment offshore Ghana.
Amid higher oil prices, Tullow Oil is beginning to scale up its growth plans once more, raising near term possibilities for drilling around TEN and further out plans for gas and Kenya.
Kosmos Energy is scaling up spending to $700 million this year, from $460mn in 2021, on both its base producing business and its LNG project with BP.
Tullow Oil’s shift to a more conservative stance is paying off, it seems, with debt down and cash flow on the rise.
Tullow Oil has pre-empted the sale of Occidental Petroleum’s stake in the Jubilee and TEN fields to Kosmos Energy, in Ghana.
As majors shift out of mature West African assets, new opportunities may attract large independents to enter the area.
Kosmos Energy and Ghana National Petroleum Corp. (GNPC) have bought out Occidental Petroleum’s stake in the Jubilee and TEN fields.
Tullow Oil has cut the amount it expects to produce this year, but is likely to approve the Simba development in Gabon later this year.
TechnipFMC has been awarded a “significant” contract for the Tullow Oil Jubilee South East development offshore Ghana.
Kosmos Energy is getting back to work offshore Africa, in Ghana and with three wells planned this year for Equatorial Guinea.
Tullow Oil has launched its drilling programme in Ghana, spudding a first well on the Jubilee field on April 5.
Tullow Oil has reported a post-tax loss of $1.22 billion for 2020, with production to continue sliding in 2020.
Tullow Oil expects production to continue declining in 2021 as its Ghanaian assets continue to slide.
Tullow Oil is moving away from its focus on asset sales and has set out a long-term vision, under which it will generate $7 billion over the next 10 years.
Kosmos Energy reported a net loss of $199 million for the second quarter of the year, with an adjusted net loss of $95mn.
Tullow Oil produced 77,700 barrels per day in the first half of the year, while the realised oil price was $52 per barrel.
Total has scrapped plans to buy assets that had belonged to Anadarko Petroleum in Ghana.
Tullow Oil has slashed spending in 2020 and set out major disposal plans in an attempt to weather the storm.
Kosmos Energy has reported a net loss of $36 million for the fourth quarter of 2019, although free cash flow reached $139mn for the period.
Tullow expects to report pre-tax impairments and exploration write-offs of around $1.5 billion for 2019, as a result of a lower oil price forecast and a reduction in 2P reserves at the TEN project, offshore Ghana.
Ghana has had a decidedly mixed couple of months, with a major offshore discovery offsetting problems at Tullow Oil and Aker Energy.
Tullow Oil chief executive Paul McDade and exploration director Angus McCoss have resigned with immediate effect as production expectations for 2020 and beyond have been slashed.
Kosmos Energy notched up $16 million in net income for the third quarter, while also celebrating a discovery offshore Equatorial Guinea.