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Tullow terminates Maersk Venturer's contract
March 25, 2020
Source: World Oil

Tullow terminates Maersk Venturer's contract

Tullow Ghana has terminated Maersk Drilling's contract for the Maersk Venturer deepwater drillship. The rig which has been working for Tullow Ghana since February 2018 was contracted for operations until February 2022. Following the contract termination, the rig will operate only till June 2020. As of March 20th, 2020, Maersk Drilling upholds its profitability guidance for 2020 of EBITDA before special items of $325-$375 million.

Total-Occidental deal on hold due to $500m tax claim
March 3, 2020
Source: World Oil

Total-Occidental deal on hold due to $500m tax claim

Total's acquisition of Occidental Petroleum Corp’s​​​​​ assets in Ghana are being held up due to capital gains tax claim for about $500 million. Occidental is trying to get regulatory clearance for this deal and tax bill is an issue yet to be resolved. Selling Total its assets is a part of Occidental's plan to sell out at least $15 billion of assets by mid-2020.

Eni receives E&P license in Ghana
July 4, 2019
Source: World Oil

Eni receives E&P license in Ghana

Norway's Eni (70%) and its partner Vitol (30%) has been awarded rights to Block WB03. The block is located in the prolific Tano basin, offshore Ghana. Apart from Vitol, the joint venture will have the Ghana National Petroleum Corporation (GNPC) and a local registered Company. Eni will be the operator of the license. This license will help Eni strengthen its presence in the country.

GOIL to invest $25 million in a deal with Exxon
May 24, 2019
Source: My Joy Online

GOIL to invest $25 million in a deal with Exxon

GOIL and ExxonMobil have entered into a Joint Operating Agreement. GOIL has informed that it will invest $25 million for the next five years in this agreement for the Deep-water Cape Three Points Area Oil exploration. This will be done through its wholly owned subsidiary GOIL Offshore Company. GOIL's CEO said, "Oil exploration is always a risky business but there’s a good chance of ExxonMobil striking oil in Ghana".

Eni discovers gas and condensate in CTP-Block 4, offshore Ghana
May 10, 2019
Source: Eni

Eni discovers gas and condensate in CTP-Block 4, offshore Ghana

Italian oil major, Eni has informed about discovering gas and condensate in CTP-Block 4, offshore Ghana. Eni used the Maersk Voyager drilling ship to drill the well on the Akoma exploration prospect, uncovering an estimated volume of 550-650 bcf of gas and 18-20 mmbbl of condensate. Eni operates the CTP-Block 4 where Vitol Upstream Tano, GNPC, Woodfields Upstream, and Explorco are partners.

Kosmos Energy to divest stakes in Mauritania-Senegal basin
May 7, 2019
Source: Reuters

Kosmos Energy to divest stakes in Mauritania-Senegal basin

Texas-based Kosmos Energy has initiated a formal process to farm out its interest in the Mauritania-Senegal basin to around 10%. The firm is expecting bids by the end of the summer. Kosmos registered $296.8 million in revenue for 1Q2019, which is more than double, climbing on higher production in Ghana. The energy firm produced 5.1 million barrels of oil equivalent in the first quarter.

Eni begins production from Sankofa field
July 5, 2018

Eni begins production from Sankofa field

Italian oil major, Eni commenced gas production from the Sankofa field in the Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project in Ghana. The company said that the Sankofa field would supply 180 million SCFD, and will continue to do so for the next 15 years. The FPSO vessel “John Agyekum Kufuor” was deployed at the field, and production began from two fields connected to the vessel.

Forte Oil divests upstream services
May 29, 2018
Source: Vanguard

Forte Oil divests upstream services

In a major restructuring attempt, the Nigerian-energy group, Forte Oil Plc has revealed its intentions to divest its upstream services business (Forte Upstream Services Limited); power-generating business (Amperion Power Distribution Limited) and downstream business in Ghana (AP Oil & Gas Ghana Limited). Forte Oil would be using the funds from divestment on the downstream marketing business. This move will boost its distributable earnings for the benefit of shareholders.

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