Tag: Tullow oil
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Tullow Oil confirms merger with Capricorn Energy
Tullow Oil has confirmed its merger with Capricorn Energy, a fellow British oil and gas company that offers the combined entity oil reserves in excess of a billion barrels across multiple countries in Africa. According to the company, it is intended that the Combination will be implemented by means of a Court-sanctioned scheme of arrangement…
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Tullow executives pay working visit to Ghana
The Senior Leadership Team (SLT) of Tullow Oil Plc, led by the Chief Executive Officer, Rahul Dhir are paying a working visit to Ghana. The visiting Executives will hold a series of engagements with key Government of Ghana stakeholders, including the Office of the Vice President, Ministry of Energy, the Bank of Ghana, the Ghana…
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TEN Field’s challenges and crude price fluctuations reduced 2019 oil revenue – IES
The Institute for Energy Security, IES, says the drop in Ghana’s oil revenue in 2019 could be attributed to the movement of crude prices on the world market and the challenges faced by Tullow Oil in the TEN Fields. Oil revenue dropped by 5 percent to 925 million dollars in 2019 from 977 million dollars…
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50 more Jubilee Field petroleum workers test positive for COVID-19
Fifty more petroleum workers at the Jubilee Field operated by Tullow Oil have tested positive for COVID-19. “There were two cases that were confirmed, and we did some contact tracing and about 50 of them are positive and they are asymptomatic,” the Western Regional Director of Health, Dr. Jacob Mahama, said to Citi Business News.…
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Tullow Oil to stop re-injecting Jubilee Field gas after reaching deal with gov’t
Tullow Oil says it will no longer re-inject gas at the Jubilee fields as government has agreed to accept the gas produced at the nation’s premier oilfield. The company in 2019 bemoaned government’s inability to off-take gas from the Jubilee fields forcing the company to re-inject the associated gas from its oil which led to…
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Tullow Oil banks hope on hedging; restructuring to escape impact of COVID-19
Troubled oil producer, Tullow Oil plc, is in a hurry to forget 2019. It was a year that the company showed loads of promise and even much greater disappointment, which culminated in the departure of its CEO, Paul McDade and Head of Exploration, Angus Mcoss. While Tullow had run into problems with the Ugandan tax…
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Petroleum Commission must probe Tullow Ghana’s job cuts – Alex Mould
A former Chief Executive Officer of the Ghana National Petroleum Corporation, GNPC, Alex Mould, is asking the Petroleum commission to probe Tullow Ghana’s decision to lay off Ghanaian workers due to Tullow Oil Plc’s massive disappointments in operations Africa and South America. A fortnight ago, Tullow Ghana announced that it is cutting down its workforce…
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25% of Tullow Ghana workforce to lose jobs due to 2019 production challenges
Tullow Oil Ghana is set to reduce its workforce by at least 25 percent due to Tullow Oil Plc’s massive disappointments in operations Africa and South America. The planned restructuring process, Bloomberg notes, is likely to lead to nearly 40 percent loss of the workforce in its Kenya operations as well as the shut of…
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Corporate taxes from oil producers slump in 2nd half of 2019
Corporate taxes due to the government from oil producing companies, dropped by 42 percent for the second half of 2019, compared to the first half of the same year. According to the Petroleum Funds report released by the Bank of Ghana, the state recorded 51 million dollars less in corporate taxes between July and December,…
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Reinjecting gas in Jubilee partially responsible for Tullow’s troubles – Awotwi
The Executive Vice President and Managing Director of Tullow Ghana, Kweku Awotwi, says the company’s decision to revise its production target by about 30 percent is a result of challenges regarding the reinjection of gas into its wells at the Jubilee Fields. “In Jubilee, one of the most important reasons for why we did not…