Tullow Oil shares slumped by over 11% yesterday after it revealed potential issues with its FPSO in Ghana.
Tullow Oil said it has made a change to operating procedures at the Jubilee Field FPSO (floating, storage and offtake) vessel in Ghana.
Tullow and Eco Atlantic will develop the Orinduik block, offshore South America after agreeing a deal with the Guyanan government.
Tullow Oil said it expects a revenue of $1.6billion, gross profit of $600m and operating cash flow of $1bn for 2015.
Tullow Oil has reported promising results so far from its Etom-2 well in Block 13T, Northern Kenya.
Tullow Oil's wildcat in Kenya failed to return any hydrocarbons.
Tullow Oil is targeting half a billion dollars in savings.
Tullow Oil has reached an agreement with the Gabon government allowing the producer to regain its 7.5% stake in the Onal Complex fields and the Ezanga block.
Shares in Tullow Oil closed 9.6% higher last night after the London-listed firm said that its credit facilities remain unchanged following an asset assessment. The company said that it demonstrates the continued support of its lending banks during this period of low oil prices.
Tullow Oil Plc, an Africa-focused energy producer, reported a narrower first-half loss after exploration writedowns shrank.
Tullow Oil is set for a strong second half of the year after taking steps to cut costs and re-set the business. Tullow reduced costs in its European operations – disposing of its stake in Dutch operated and non-operated interests whilst actively managing its equity position and exposure to drilling costs in Norway across a number of licences. Tullow no longer holds any operated licences in the UK or Netherlands.
Expro has landed a $100million three-year deal with Tullow Oil.
Tullow Oil Plc gained in London after a tribunal ruling on a maritime border dispute between Ghana and Ivory Coast allowed an offshore oil project to proceed. Tullow said the Tweneboa-Enyenra-Ntomme, or TEN, project can move ahead after a preliminary decision by the Hamburg-based International Tribunal for the Law of the Sea. While the tribunal placed restrictions on drilling in the disputed area off West Africa’s coast, Tullow has enough wells already in place to start production next year. “Development work on the TEN Project continues,” Tullow said in a statement on Monday. “The project remains within budget and on schedule with first oil expected in mid-2016.”
Ghana can’t drill new oil wells in a disputed sea area with Ivory Coast, according to a special tribunal. The order may impact producers, including Tullow Oil Plc. Ghana and Ivory Coast “shall pursue cooperation and refrain from unilateral action that may lead to aggravating the dispute,” the Hamburg-based International Tribunal for the Law of the Sea said in a statement on its website Saturday. The order is provisional pending a final decision. Ivory Coast challenged sea boundaries with neighboring Ghana and asked the arbitration panel to order Ghana to halt drilling in an area where Tullow operates its Tweneboa-Enyenra-Ntomme project. TEN is set to produce its first oil in mid-2016.
Aberdeen energy service firm XPD8 Solutions has described a new £375,000 contract in west Africa as a "pat on the back" by one of its clients. The six-month deal will see asset integrity management specialist XPD8, which has its headquarters in North Silver Street, move Tullow Oil's existing computer-based maintenance management system to a new software package, Maximo. Once installed, the Maximo system will support planning, scheduling, performance monitoring and reporting of asset integrity key performance indicators for the Jubilee floating production, storage and offloading (FPSO) vessel offshore of Ghana. XPD8 managing director Mark Cavanagh said: “It is a pat on the back to our team that we have been chosen to work again with Tullow Oil, which is an existing client for us, on what is another significant contract.
Tullow Oil, one of the largest independent oil explorers, has been ejected from the FTSE-100, the London Stock Exchange confirmed last night. The Africa-focused explorer slipped into the FTSE-250 index after losing more almost 55% of its value since the slump in global oil prices.
Tullow Oil Plc, an energy explorer in Africa, fell to a one-month low in London trading after saying Ghana could be ordered to suspend drilling in an offshore area where it operates. Tullow dropped as much as 8.6% to 354.1 pence, the lowest intraday price since January 30, and was at 363.1 pence at 1:14 p.m. local time. Ivory Coast, which disputes sea boundaries with neighboring Ghana, has asked an arbitration panel to order Ghana to halt drilling in an area where Tullow operates its Tweneboa-Enyenra-Ntomme project, the company said Monday in a statement. The TEN project is set to produce its first oil in mid-2016.
Tullow Oil is poised to record losses of $1.9billion when it reveals its full-year results this week. The company, which recorded $313.2million in pre-tax profits in 2013, could see a dividend cut and job losses as it looks to balance its finances. According to reports, Tullow Oil has already warned investors it could face $2.7billion in write-offs.