Ghana to Award New Oil Blocks off West Coast
Ghana is set to award nine new upstream oil blocks for commercial exploration off its western coast beginning this year, the energy ministry said on Thursday.The West African country plans to award six of the nine blocks this year while the remaining three will be given out next year through a mix of open competitive tender and direct negotiations, the ministry said in a statement.It said state oil company Ghana National Petroleum Corporation will acquire one of the blocks to explore in partnership with a strategic partner t
McTiernan Appointed Non-Executive Chairman, Hurricane Energy
Steven McTiernan has been appointed as Non-Executive Chairman of the board of directors of Hurricane Energy plc, effective May 1, 2018. Dr. David Jenkins, who has acted as Interim Chairman of the Board since November 2017, will return to his previous role as Senior Independent Director on this date.Steven McTiernan has over 45 years of oil and gas industry and investment banking experience. He was a non-executive director of Tullow Oil plc for eleven years until December 2012…
Thompson takes over from Founder Heavey, Tullow Oil
Tullow Oil plc (Tullow) announced the appointment of Dorothy Thompson as independent non-executive Director and Chair-designate of Tullow with effect from the conclusion of the Group’s Annual General Meeting (AGM) on 25 April 2018. It is anticipated Thompson will succeed Aidan Heavey, Tullow’s current Chairman and Founder, as Chair at the conclusion of the Board meeting scheduled for 20 July 2018. Aidan will retire from the Board at the same time.
South Sudan Eyes OPEC Membership
South Sudan is exploring the benefits of joining the Organization of the Petroleum Exporting Countries as the African nation aims to more than double crude production within 12 months, its oil minister said on Wednesday. The world's newest country has seen its crude output almost halve in recent years, to about 135,000 barrels per day (bpd) currently, amid security concerns and internal strife. Yet South Sudan, which has sub-Saharan Africa's third-largest reserves and is the only mature oil producer in East Africa…
Tullow Reports Oil Discovery in Kenya
Tullow Oil plc announced that the Erut-1 well in Block 13T, Northern Kenya, has discovered a gross oil interval of 55 metres with 25 metres of net oil pay at a depth of 700 metres. The overall oil column for the field is considered to be 100 to 125 metres. The objective of the well was to test a structural trap at the northern limit of the South Lokichar basin. The Erut-1 well was drilled ten kilometers north of the Etom-2 well and shares important characteristics.
Board Changes at Tullow
• Paul McDade, currently Chief Operating Officer, will be appointed Chief Executive Officer following Tullow’s Annual General Meeting on 26 April 2017. This follows an internal and external process led by Tullow’s Nominations Committee. • At the same time, after six years on Tullow’s Board and five as Chairman, Simon Thompson will step down from the Board. • Aidan Heavey, Chief Executive Officer and founder of Tullow Oil, will succeed Mr. Thompson as Chairman of the Group for a transition period of up to two years.
Tullow CFO Takes Leave of Absence
Tullow Oil plc Chief Financial Officer Ian Springett will take an extended leave of absence from the company in order to undergo treatment for a medical condition. Les Wood, Vice President Finance and Commercial, has been appointed Interim CFO.
Tullow Oil Convertable Bond Offering
Tullow Oil plc today announces the launch of an offering (the “Offering”) of $300 million of Convertible Bonds due 2021 (the “Bonds”). The proposed Convertible Bond Offering will further diversify Tullow Oil’s sources of funding and the proceeds will be used for general corporate purposes and to fund capital investment in the Group’s assets in West and East Africa. Ian Springett, Chief Financial Officer of Tullow Oil commented…
Tullow Opdates on Norway Appraisal Well
Tullow Oil plc (Tullow) announces that the Wisting Central II long reach horizontal well (7324/7-3S) has successfully explored and appraised the Wisting South & Wisting West segments of the field including a production test in the Stø formation. The well was drilled approximately 5 kilometres south-west of the Wisting discovery well in the Barents Sea. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered an oil column of 22 metres in a 1…
Tullow Oil Hits Oil in Kenya
Tullow Oil plc (Tullow) announces that the Cheptuket-1 well in Block 12A, Northern Kenya, has encountered good oil shows, seen in cuttings and rotary sidewall cores, across an interval of over 700 metres. Cheptuket-1 is the first well to test the Kerio Valley Basin and was drilled by the PR Marriott Rig-46 to a final depth of 3,083 metres. The objective of the well was to establish a working petroleum system and test a structural closure in the south-western part of the basin.
Potential Issue at Tullow's Ghana Field Sends Share Lower
Oil producer Tullow Oil Plc said there was a potential issue with a storage vessel at its flagship Jubilee field in Ghana, sending shares down more than 7 percent on Thursday morning. The company, which is expecting a second field in Ghana to begin production this year, said it had taken additional measures to monitor part of a turret bearing in its floating storage and offtake vessel. "The implications are that the turret may require maintenance that results in an unscheduled shut-in…
Potential Snag for Tullow at Ghana Field
Oil producer Tullow Oil Plc said there was a potential issue with a storage vessel at its flagship Jubilee field in Ghana, sending shares down more than 7 percent on Thursday morning. The company, which is expecting a second field in Ghana to begin production this year, said it had taken additional measures to monitor part of a turret bearing in its floating storage and offtake vessel. "The implications are that the turret may require maintenance that results in an unscheduled shut-in…
Tullow Credit Facilities Remains Unchanged
Tullow Oil plc and its lending banks have completed the routine six-monthly Reserve Based Lend (RBL) redetermination process and available debt capacity remains unchanged at US$3.7 billion. This demonstrates the continued support of Tullow’s lending banks during this period of low oil prices and the high quality of Tullow’s asset portfolio. As of 30 September 2015, the Group has cash and undrawn credit facilities amounting to US$2.1 billion of headroom with no near term maturities.
Ghanaian Students Benefitting from Scholarship Programs
Two Robert Gordon University (RGU) postgraduate students are reaping the benefits of international scholarship schemes which will boost their career prospects. Ghanaians Justice Ngoah (27) and Eugene Yeboah (29) have joined RGU for a years’ scholarship program, funded by the Ministry of Energy and Tullow Oil plc. Both Justice and Eugene are Chemistry graduates from the Kwame Nkrumah University of Science and Technology in Ghana, but wanted to further their studies and apply their skills to the energy industry.
Hedge Fund Eton Park Eyes Energy Sector
Eric Mindich's $8.5 billion hedge fund, Eton Park Capital Management, is now ready to pick through the debt of beaten-up energy companies, an area it avoided last year as the price of oil tumbled. "We have completely avoided exposure to the high yield debt of energy companies and to energy-impacted emerging markets, but as the price of these bonds trade down, we are spending increasing amounts of time researching opportunities in this space," Eton Park wrote in a letter to clients dated Jan. 16 and seen by Reuters.
Tullow Oil Exploration and Appraisal Update in Kenya
Tullow Oil plc announces the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. The Etom-1 well in Block 13T is the most northerly well drilled to date in the South Lokichar basin, 6.5 km north of the previous Agete-1 discovery. The well encountered approximately 10 metres of net oil pay, extending the proven oil basin significantly northwards.
Tullow Oil in Red but Committed to Africa Strateg
Tullow Oil Plc drifted into the red after writing off more than $400 million in exploration costs but the Africa-focused explorer remained confident that its strategy will pay off. A disappointing run of oil wells exploration in Mauritania, Ethiopia and Norway over the past six months translated into a half-year net loss of $95 million because of $402 million in writeoffs. The British energy company is counting on drilling projects in Kenya and Ethiopia this year and next to improve its exploration performance.
Tullow Oil Abandons Dry Offshore Norway Well
Oil and gas producer Tullow Oil Plc said it had plugged and abandoned a well in the Norwegian North Sea after it failed to find any hydrocarbons. The company said it did not encounter hydrocarbons in the Lupus exploration well, located 35 kilometres southeast of the Oseberg South field in the North Sea. It was the first well in production licence PL 507, Tullow said on Monday. Tullow reported a $415 million pretax write-off in net exploration in the first half of 2014 due to dry holes drilled in Mauritania…
Uganda Repossesses Oilfield From Tullow
Uganda said it repossessed an oilfield that belonged to Tullow Oil Plc after the period allotted to appraise the site expired. The London-listed exploration company said the field was uneconomical. Uganda expects to start pumping crude in 2017 from the Albertine rift basin along its border with the Democratic Republic of Congo. Tullow, one of the three exploration companies in the country, said it is awaiting government approval for eight production applications it submitted to the government last year.
BMT Delivers Metocean Support for Tullow Oil
BMT ARGOSS (BMT), a subsidiary of BMT Group, has announced the award of a number of metocean assessments for Tullow Oil Plc., including comprehensive overviews of meteorological and oceanographic conditions in West Africa and South America, to help support the company’s offshore oil and gas exploration and operating activities. Colleen Abell, Senior Environmental Remote Sensing & GIS Specialist at Tullow Oil Plc commented…
