Pandemic drives oil reserves up for sale to 12.5billion barrels – Rystad
The Covid-19 pandemic has increased the number of oil and gas assets being put up for sale globally past 12.5billion barrels in reserves, according to new analysis.
Tullow Oil
China eyes African opportunities
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
CNOOC opts out of Uganda pre-emption
CNOOC Uganda will not pre-empt the sale of Tullow Oil’s stake in Lake Albert to Total.
Tullow hits pause in Kenya
Tullow Oil has declared force majeure at its site in northern Kenya, putting plans to sanction the project this year in jeopardy.
Eni, Springfield face compulsory unitisation
Ghana’s Ministry of Energy has called for Eni and Springfield Exploration and Production to begin a process of unitisation covering the companies’ Sankofa and Afina finds.
Drilling pushed back at Dussafu Marin
Additional drilling at Gabon’s Dussafu Marin licence has been deferred because of coronavirus, BW Energy has said, blaming international travel restrictions.
Total to buy Tullow’s Uganda licences
Tullow Oil has struck a deal to sell its entire stake in Uganda’s Lake Albert project to France’s Total for $575 million.
Troubled Tullow appoints new CEO
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.
Africa to feel squeeze as plans about to change
The double threat of coronavirus and the price crash has forced oil companies around the world to rearrange plans and save money where possible, and Africa is set to feel the squeeze.
Tullow cuts capex further, secures RBL
Tullow Oil has secured its reserve-based lending (RBL) facility at $1.9 billion, giving it around $700 million of liquidity, while slashing its spending this year further from plans announced just two weeks ago.
Abu Sennan gas line starts up, as infill drilling slows
A pipeline has been completed at the Al Jahraa field, in Egypt, allowing gas sales to begin and eliminating flaring, United Oil & Gas has reported.
Tullow cuts Maersk rig in Ghana
Tullow Oil has terminated a drilling contract with the Maersk Venturer in Ghana, in line with the operator’s plans to save cash amid a difficult year.
Price plunge fires up short sellers
As prices have plunged, interest in short selling of oil companies has increased.
As pressure mounts, Tullow launches sale plans
Tullow Oil has slashed spending in 2020 and set out major disposal plans in an attempt to weather the storm.
Neptune hires Alexandra Thomas as UK boss
Oil and gas firm Neptune Energy has appointed a new UK managing director, based in Aberdeen.
Tullow workers crash land in Kenya
A flight in Kenya carrying Tullow Oil workers has made an emergency landing following an engine failure.
Tullow, Total start sale of partial stakes in Kenya oil fields
Tullow Oil and Total have started the process to sell part of their stakes in oil discoveries in Kenya, said people familiar with the matter.
Tullow takes write down on lower for longer prices
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.
Congo Wants to Sell Gertler’s Oil Blocks on Ugandan Border
Congo Kinshasa is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company.
Tullow slumps after Guyana oil find is smaller than expected
Tullow Oil Plc discovered light oil at its Carapa-1 well in Guyana, but the reservoir was smaller than the troubled company had expected prior to drilling. Shares fell as much as 20%.
Tullow, Centrica among Europe’s worst stocks of 2019
It’s been a pretty good year for European stocks. The benchmark Stoxx Europe 600 Index is set for an annual gain of about 24%, more than recovering from a selloff in 2018, and the gauge is set to end the year near a record high.
Ghana on the rocks
Ghana has had a decidedly mixed couple of months, with a major offshore discovery offsetting problems at Tullow Oil and Aker Energy.
Tullow’s Dussafu back-in dispute
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
Tullow fails corporate governance 101
The $1.7 billion hit to Tullow Oil Plc’s market value on Monday — a 65% drop — provides a stark reminder of why bosses shouldn’t stay too long at the top. The hydrocarbon producer has been stubbornly overoptimistic about its prospects. Reality has now dawned, and it turns out the London-based group is in an extremely tight position.
Guyana investigating offshore oil leases controlled by Exxon, Tullow
Guyana’s anti-corruption agency is investigating how exploration rights were awarded in the world’s biggest new deepwater oil region, including those now controlled by Exxon Mobil Corp. and Tullow Oil Plc.