Business in Ghana

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Posts Tagged ‘Tullow’

Anadarko’s Jubilee party caps tough year

Posted by Business in Ghana on December 15, 2010

By Sheila McNulty in Houston, Financial Times, with permission

When the Jubilee field in Ghana produces its first oil on Wednesday it will represent more than a boost in production for Anadarko Petroleum.

It will also validate the US independent oil group’s strategy to pursue international exploration even as its peers pulled back. Oil groups globally are facing barriers to new markets dominated by state oil companies but Anadarko is among a handful seeking organic growth abroad.

The strategy is paying off. Anadarko says it expects production to rise by 7-9 per cent over the next five years, much of it from the string of oil discoveries off the west Africa coast. Read the rest of this entry »

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Kosmos submits Declaration of Commerciality to Ghana, Tullow to issue 4 million shares on GSE

Posted by Business in Ghana on November 14, 2010

By Emmanuel Dogbevi, Ghana Business news

Kosmos Energy, one of the stakeholders in Ghana’s Jubilee oil field where Ghana’s first commercial production of oil is expected in December has submitted a ‘Declaration of Commerciality’ to the Ghana government. The Declaration, it says is for the southeast Jubilee area. And Tullow Oil plans to issue four million shares on the Ghana Stock Exchange (GSE). Read the rest of this entry »

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Tullow secures additional US$350 million debt funding

Posted by Business in Ghana on October 24, 2010

Tullow Oil plc (Tullow) announces that it has finalised and closed arrangements for an increase of US$350 million to its existing US$250 million corporate revolving credit facility, with the amended facility commitments now totalling US$600 million in aggregate.

On Thursday 14 October the amended US$600 million secured debt facility was closed with Bank of Scotland Plc, BNP Paribas, Credit Agricole Corporate & Investment Bank, HSBC Bank Plc, ING Bank N.V., Natixis, Société Générale, Standard Bank Plc, Standard Chartered Bank, and The Royal Bank of Scotland plc participating as mandated lead arrangers.

The amended and increased debt facility will supplement Tullow’s existing US$2.5 billion reserve based lend debt arrangements, providing additional funding capacity and flexibility for the Group’s future capital programmes.

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Onyina-1 exploration well finds water-bearing reservoirs

Posted by Business in Ghana on October 24, 2010

Tullow Oil plc (Tullow) announces that the Onyina-1 exploration well in the Deepwater Tano licence offshore Ghana encountered water bearing reservoirs.

The Onyina-1 well was drilled to explore a large, high-risk, Campanian prospect between the Tweneboa and Jubilee fields in the northeast of the Deepwater Tano Licence. It intersected 49 metres of good quality sandstone reservoir, on prognosis, however they were water bearing at this location. Read the rest of this entry »

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Critical News 1st August, 2010

Posted by Business in Ghana on August 2, 2010

Glory, Glory, Glory!  What a start to the week.  The New Crusading Guide blessed the week with the story of the year so far.  Tsatsu Tsikata involved in a contentious (have to be careful here, might cause Fear and Panic!) contract with MODEC, the builders and managers of the FPSO Kwame Nkrumah.  Rather longwinded so here are the essential facts as I see them.  Tsatsu signed a contract to provide advisory services to MODEC back in 2008 when he was in custody.  The IFC through the Multi-lateral Investment Guarantee Agency (MIGA) were only recently told of this contract.  Both the IFC and MIGA are heavily invested in the FPSO, which is owned by Jubilee Ghana BV 21, a special purpose company, set up to raise funds for the development of the Jubilee field unit in West Cape 3 Points.  This also involves Tullow, Kosmos, Anadarko, the EO Group, Sabre Oil and GNPC.  I will do a very detailed report on the shareholding structure of all this in the coming week.  It will impress you! trust me.  Anyway, the IFC and MIGA are p***** off because they were only told at the back end.  The contract is for $5million, two has been paid, all of it during the NDC era and the remainder to be paid when the first oils starts.  Great start to the week!  It got more interesting as the days rolled forward, and Tsatsu publicly threatened to sue through his company Strategic Oil and Gas.  He owns 50% of the company and we are yet to know who owns the other half!  This story will run for a long time.  Until the due diligence is completed and the IFC and MIGA are content, the FPSO will not be storing any oil!  Imagine what this will mean to Ghanaians if one person’s greed halts our whole economic jump off! Read the rest of this entry »

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