Tullow Oil NEWS

French oil supermajor, Total has agreed to purchase Tullow Oil’s full stake in jointly-held onshore oil fields in Uganda for $575 million. Tullow Oil yesterday informed that it is looking to raise $1 billion this year in a bid to diminish its $2.8 billion of debt. The deal is now subject to the two companies inking a final tax agreement with the Ugandan authorities and a go-ahead from Tullow’s shareholders.

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.

British E&P major, Tullow Oil has made another discovery on the Orinduik license, offshore Guyana. This marks the second in the line of discoveries for Tullow Oil in its Jethro-1 exploration well, the first discovery made back in August 2019. The exploration well was drilled to a final depth of 2,175m using Stena Forthdrillship. The Orinduik Block is operated by Tullow, where Total and Eco (Atlantic) Oil & Gas are partners.

British oil firm, Tullow Oil has reported a major oil discovery in the Orinduik block in Guyana. The discovery has given hopes that the firm will move to develop a field in the oil-rich country. The Orinduik block is operated by Tullow with a 60% stake, where Total and Eco Atlantic are partners with 15% stakes each and Qatar Petroleum owns the remaining 10%.

Oilfield services firm, Petrofac has secured a £12.2m contract from Tullow Oil for the Thames decommissioning project. Petrofac will deliver plugging and abandoning services for three subsea wells on the project, which will also include planning, management of sub-contractors and provision of a jack-up rig. The Thames platform is positioned around 44 miles north-east of the closest landfall of Winterton-on-Sea on the eastern coast of England.

The Kenyan government is in discussion with investors over a pipeline to be laid for linking oil fields in the north of the country to a port at Lamu. The pipeline project was previously estimated at $2 billion but now is expected to be completed in $1.1billion. Kenya is soon initiating an early oil project, six years after crude was discovered in the remote Turkana region, by Tullow Oil Plc.