Tullow Oil News


Tullow Oil Emerges from Overhaul with $1.8B Bond. No More Asset Sales Planned, CEO Says

May 07, 2021

Tullow Oil's $1.8 billion bond, which was launched to help it manage a $2.4 billion debt pile, drew more interest from investors than expected after the Africa-focused producer's financial overhaul, the chief executive said on Friday.Rahul Dhir…

Maersk Drilling Confirms $370M+ Drillship Contract in Ghana

Apr 08, 2021

Danish offshore drilling company Maersk Drilling on Thursday confirmed a long-term contract with Tullow Oil for its Maersk Venturer drillship off Ghana.The firm contract following the previously agreed conditional letter of award, and includes…

Tullow Starts Multi-well Drilling Program Offshore Ghana

Apr 06, 2021

Oil and gas company Tullow Oil on Tuesday said it was starting a multi-year, multi-well drilling campaign offshore Ghana.The campaign started with the start of drilling of the first well at the Jubilee offshore field on Monday.Maersk Drilling's…

Tullow Wraps Sale of E. Guinea Offshore Fields to Panoro

Mar 31, 2021

Oil and gas company Tullow Oil has completed the sale of its assets in Equatorial Guinea to Panoro Energy, from which it had earlier on Wednesday received a payment of $88.8 million.The transaction also includes contingent cash payments of up…

Tullow Shareholders Approve Sale of E. Guinea Assets to Panoro

Mar 18, 2021

Tullow Oil shareholders on Thursday approved the sale of the company's assets in Equatorial Guinea to Oslo-listed Panoro Energy.As announced in February, Tullow agreed, subject to certain conditions, to sell its subsidiaries with assets in Equatorial…

Guyana: Tullow Oil, Partners Keep Control Over Orinduik Offshore Block Until 2023

Mar 15, 2021

The government of Guyana has granted an extension to the term of the Tullow Oil-operated Orinduik offshore block that will see the block partners maintain control of the block until 2023. According to Eco Atlantic, Tullow Oil's partner in the offshore block…

Tullow Agrees $1.7B Reserve-based Loan with Banks

Feb 26, 2021

Tullow Oil Plc said on Friday it has agreed to a new reserve-based loan of about $1.7 billion with its banks, taking its liquidity to roughly $900 million, including free cash and available debt.The oil and gas company, which has been in talks with creditors…

Tullow Oil CEO: "We will be able to repay the debt"

Feb 10, 2021

Tullow Oil CEO Rahul Dhir said on Wednesday he expected talks with creditors, including bondholders, to end in the second quarter with a focus on matching maturities with expected cashflows.Tullow had a market capitalization of around $596 million on Wednesday and net debt of $2…

Tullow to Sell E. Guinea, Gabon Assets to Panoro for Up to $180M

Feb 09, 2021

Oil firm Tullow has struck a deal to sell its assets in Equatorial Guinea and an offshore block stake in Gabon to Panoro for $180 million and will use the proceeds to reduce debt.Tullow said Tuesday that Panoro would acquire all of its assets in Equatorial Guinea and the Dussafu asset in Gabon…

Tullow Starts Drilling Ops at GVN-1 Exploration Well, Offshore Suriname

Jan 25, 2021

Oil and gas company Tullow Oil is set to start drilling at its Goliathberg Voltzberg North-1 (GVN-1) exploration well, offshore Suriname, targeting 235 million barrels of oil. The news of the drilling operation startup was shared by Tullow's partner Ratio Petroleum…

Tullow Oil Shifts Its Focus to West Africa

Nov 25, 2020

Britain's Tullow Oil will commit 90% of its investments in coming years on its producing offshore oilfields in West Africa and put exploration on the back burner to reduce debt.Tullow, which was set up in the 1980s produce oil and gas in Africa…

Stena Drilling Wins Drillship Work Offshore Israel

Oct 12, 2020

Offshore drilling company Stena Drilling has won a contract for its Stena Forth drillship in the Mediterranean Sea, offshore Israel.Stena Drilling said the contract was with Noble Energy Mediterranean Ltd, which is now a subsidiary of Chevron…

Tullow Posts $1.3B Loss. Looks at 'Various Refinancing Alternatives'

Sep 09, 2020

Tullow Oil is exploring ways to fend off a potential cash crunch as the London-listed group reported a $1.3 billion loss after it was forced to write down $1.4 bln due to collapsing demand for oil.Tullow, with a market cap of $361 million as of Tuesday and $3 billion in debt…

Tullow Hires Stena Drillship for Suriname Drilling

Sep 01, 2020

Offshore drilling contractor Stena Drilling said Tuesday that oil company Tullow had hired one of its drillships for drilling offshore Suriname.Tullow Oil has hired the Stena Forth drillship and will use it to drill one well in Block 47, located approximately 260 km north of the coast of Suriname…

Tullow Extends Maersk Drillship Term After Cancellation Notice

Aug 14, 2020

Oil and gas company Tullow Oil has extended the contract with Maersk Drilling for the use of the Maersk Venturer drillship in Angola, following the contract termination for the same rig announced in March.Namely, Maersk Drilling in March said…

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