“Our business continues to be undervalued because of the perceived debt overhang,” CEO Dhir said.
In Cote d’Ivoire, the independent is planning to drill an exploration well in 2024 on CI-524. The company has also secured a new licence in the country, CI-803, where it sees insights from its Tano Basin knowledge.
“With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders.”
Ghanaians should treat Mahama’s suggestion “with the utmost contempt it deserves”, the statement concluded.
Asante commented that the plant would help supply gas in a cost effective fashion, securing a “reliable supply of gas and derivatives” in Ghana and beyond.
Four companies are due to drill exploration wells in Ghana during the last quarter of this year, according to a government report. The Public Interest Accountability Committee (PIAC) also raised some concerns over tax payments by state-owned Ghana National Petroleum Corp. (GNPC).
Tullow Oil remains committed to its merger with Egypt-focused Capricorn Energy, which has faced mounting headwinds.
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.
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.
Kosmos Energy is getting back to work offshore Africa, in Ghana and with three wells planned this year for Equatorial Guinea.
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.
Tullow Oil produced 77,000 barrels per day of oil in the first half, in line with expectations.
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.
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.