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Tullow

Oil & Gas

Hyperdynamics files legal action against Tullow and Dana

Hyperdynamics Corporation said it has filed legal action against its partners under the Joint Operating Agreement governing the oil and gas exploration rights offshore Guinea. The company’s subsidiary, SCS corporation, has also filed parallel actions in the US District Court for the Southern District of Texas and before the American Arbitration Association against Tullow Guinea Ltd.

Oil & Gas

Ghana Gas Company shuts plant over Tullow gas supply disruption

State-run Ghana Gas Company has shut down its Atuabo gas processing plant due to an unexpected disruption of gas supplies from the offshore Jubilee field operated by Tullow Oil, the plant's director said on Tuesday. George Yankey told Reuters that Tullow had informed the plant of the disruption on its floating production vessel. Gas supplies were cut on July 3 and there was no indication when they would resume, he said.

Oil & Gas

Tullow Oil finds ways to explore despite withered budget

Africa-focused Tullow Oil is turning to low-cost technology in its search for new oil reserves after the collapse in the price of crude and a poor run of discoveries forced the company to slash its exploration budget by 80 percent. Energy companies worldwide, from wildcatters to international behemoths, cut spending in an effort to keep their books balanced after the near-halving of oil prices since last June as a result of sharp growth in global supplies. British-based Tullow slashed its exploration budget for this year to $200 million from a target of $1 billion in 2014. Its reduced programme includes wells in Gabon, Kenya, the Netherlands, Suriname and Pakistan.

Oil & Gas

Tullow Oil expected to cut jobs

Tullow Oil is said to be preparing to announce job cuts by the end of the first quarter as oil prices continue to fall. It was reported that the company, which owns assets in the North Sea, is currently reviewing staffing levels. Details of the cuts could be presented to the market next month.

Markets

Tullow Oil reviews assets in ‘challenging’ environment

Tullow Oil said it will focus the majority of its exploration and appraisal expenditure in its East and West African assets. The company released an interim management statement which said it was looking to re-allocate capital as a result of recent oil prices and reduced commercial success from offshore drilling. The TEN development project, Jubilee production and the non-operated West Africa portfolio is expected to generate “significant value”, attracting the greatest share capital in 2015.