As Tullow Oil works to execute its merger with Capricorn Energy, the company is focusing on growth projects.
Exploration is back, emissaries of some of the world’s top oil companies have said, with Africa in a strong position to meet new demand.
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.
Tullow Oil’s shift to a more conservative stance is paying off, it seems, with debt down and cash flow on the rise.
Uganda’s Parliament may not approve the Lake Albert development until the end of the year, pushing the final investment decision (FID) into early 2022.
Tullow Oil has pre-empted the sale of Occidental Petroleum’s stake in the Jubilee and TEN fields to Kosmos Energy, in Ghana.
Tullow has hit financial goals and is looking to farm down its Kenyan operations, as it focuses further on its Ghanaian operations.
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.
Tullow Oil’s non-executive chair Dorothy Thompson will step down from the board, triggering a search for a replacement.
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 and partners in Kenya have won more time to work out how to produce the South Lokichar oil.
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.
Tullow Oil has completed the sale of its Ugandan assets to Total, receiving $500 million.
Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Tullow Oil produced 77,000 barrels per day of oil in the first half, in line with expectations.
Tullow Oil produced 77,700 barrels per day in the first half of the year, while the realised oil price was $52 per barrel.
Tullow Oil has appointed Rahul Dhir to serve as its new CEO and an executive director, with Dorothy Thompson returning to her role as non-executive chair.