Smith noted the opposition from shareholders to the Tullow merger. โThe message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.โ
Tullow Oil expects to begin drilling wells on Jubilee South East this quarter, with the aim of boosting production beyond 100,000 barrels per day in 2025.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Amid mounting opposition from some investors to its proposed merger with Tullow Oil, Capricorn Energy is โassessing all options to maximise value for shareholdersโ.
A small group of deep-pocketed companies increasingly dominates exploration and, as yet, they are avoiding the boom-and-bust mentality of previous oil cycles.
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.
TotalEnergies and CNOOC Ltd have taken the final investment decision (FID) on Ugandaโs Lake Albert development, finally triggering the start of work on the 240,000 barrel per day project.