Tag: Tullow oil
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Tullow Oil is not up for sale but we will listen to offers — Corporate Affairs
The Head of Corporate Affairs at Tullow Oil Plc, George Cazenove, says although the oil firm has faced some challenges in recent times with its Ghana operations, the company is not actively looking for buyers. “We are a listed company, people have shares in our company and so we are always open to offers and…
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Tullow Oil open to potential buyers as Ghana operations disappoint
Tullow Oil Plc has disclosed that it is open to receiving offers for the take-over of the company as challenges from its Ghana operations begin to bite hard. The company had faced setbacks in its Jubilee and TEN fields culminating in the resignation of the company’s CEO, Paul Mcdade, on Monday after more than two…
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Tullow’s shares drop 50 percent as CEO resigns over poor performance in Ghana
Shares of Tullow Oil Plc on the London Stock Exchange plummeted by more than 50 percent as its CEO, Paul McDade resigned over disappointing performance in its Ghana operations. Tullow Oil which is the lead partner of the Jubilee and TEN fields could not meet its production targets due to technical problems at Jubilee as…
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Tullow builds new office complex at Takoradi Airforce; refurbishes Airport Apron
Tullow Ghana Limited has handed over the refurbished Takoradi Airport Apron to the Ghana Air force and commissioned a new office complex to enhance their operations. The Takoradi Airport Tarmac required the reconstruction of an area of 22,692 square metres, excavation works and the rehabilitation of five thousand-metre square of roads at the cost of…
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Tullow Plc makes discovery of oil in Guyana
Tullow Plc has made oil discovery in its Jethro-1 exploration well, drilled on the Orinduik licence offshore in Guyana. The well is expected to hold 100 million barrels of oil in excess of expectations. Tullow Guyana B.V. is the operator of the Orinduik block with a 60 per cent stake. Total E&P Guyana B.V. holds…
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Oil Exploration: Tullow fails to secure oil blocks in competitive bidding
Tullow Oil failed to make it to the next stage in the maiden licensing round for oil blocks in Ghana. The oil company was not shortlisted as part of companies whose bid qualified for the next process in the bidding rounds. The development comes on the back of a statement issued by the Ministry of…
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Tullow Oil posts $500m in profits for 2019 first half
Tullow Oil has announced five hundred million dollars in profits for the first half of this year [2019]. The company’s revenue also recorded 900 million dollars. Tullow is however hopeful that the figure will inch up when production levels increase to expected levels. Tullow, in its trading statement, said the increase in production in West…
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Local suppliers in petroleum upstream sector cry over high cost of credit
Local suppliers in the Petroleum Upstream sector are asking commercial banks to review downwards the cost of credit. The companies complain most of the banks charge relatively higher rates on loan packages which affect their returns. The local suppliers in the Petroleum Upstream sector are businesses that provide various services to major oil companies that…
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Tullow Oil shuts down TEN FPSO for maintenance
Tullow Oil has announced a twelve day shutdown of the Floating Production Storage and Offshore (FPSO) operating on the TEN oilfields in the Western region. The exercise commenced on Monday (April 22, 2019) and it is to end on Thursday (May 2, 2019). A statement from Tullow to Citi Business News said the move is…
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Tullow records 1.8 billion dollars in revenue for 2018
Tullow Oil’s 2018 revenue reached 1.8 billion dollars, according to its January Trading Statement released on Wednesday, January 16, 2018. The oil company also recorded additional proceeds of 0.2 billion dollars from Corporate Business Interruption insurance. Again, the Trading Statement said that Tullow’s net debt at the end of 2018 is estimated at 3.1 billion…