Kofi Ahovi

  Tullow Oil on Friday announced a broad capital revamp and a series of deals to deepen its presence in West Africa, as the heavily indebted firm moves to steady its operations and secure longer-term growth. The company has signed a refinancing deal with Glencore and owners of about two-thirds of its $1.3 billion senior secured notes due May 2026, extending debt maturities by more than two years to November 2028, it said. Tullow has been fighting with natural production declines and delayed government payments, which have strained cash flow and forced the independent oil producers to cut costs amid mounting debt. The company also separately agreed to buy the floating production, storage, and offloading vessel serving Ghana's TEN oilfields for $205 million, in a deal CEO Ian Perks said will cut fixed costs and boost long-term cash flow. It has also struck a deal with the Ghanaian government to extend its West Cape Three Points and Deep Water Tano Petroleum agreements. RUNWAY FO...

  Tullow Oil plc has announced the appointment of Ian Perks as its new Chief Executive Officer (CEO), effective September 15, 2025. He will also join the company’s Board of Directors. Perks, who brings over three decades of experience in the upstream oil and gas industry, has held senior positions at BG Group, Anadarko, and Total, with a career spanning Africa and other global markets. Notably, he played a central role in securing the $20 billion Mozambique LNG project’s Final Investment Decision during his tenure at Anadarko and later Total. His track record includes overseeing the $10 billion Queensland Gas Company LNG Project in Australia, where he ensured safe delivery on schedule and within budget. At BG Tunisia, Perks successfully delivered the $1 billion Hasdrubal gas project while maximizing production and doubling profits during his leadership in Trinidad and Tobago. Following Perks’ appointment, Richard Miller, who has been serving as Interim CEO, will return to his role ...

  West Africa-focused Tullow Oil on Wednesday lowered its 2025 production forecast to account for the sale of its Gabonese assets, as the company continues to streamline its operations to boost performance, and reported a first-half loss. Its shares fell 10% in early trading. Tullow now expects output of 40,000-45,000 barrels of oil equivalent per day (boepd) for the year, down from 50,000-55,000 boepd projected earlier. It reported an average production of 40.6 kboepd in the first half, excluding Gabon. In the second half of the year we are focussed on refinancing our capital structure, production optimisation activities and continuing to optimise our cost base," finance chief and interim CEO Richard Miller said. Miller added that Tullow had taken actions to address recent underperformance at its Jubilee oilfield in Ghana, with further "optimisation potential" identified. Tullow operates mainly in Ghana, Gabon, Côte d’Ivoire, and a few other African countries, with most...

  Kosmos Energy has announced it is no longer interested in acquiring Tullow Oil. This brings to an end the speculation of a possible merger following media leaks earlier this month. The planned all-share merger – first confirmed on December 12, 2024 was in its preliminary stages before due diligence began. The deal between the two oil and gas firms was expected to significantly boost Africa’s oil production landscape had it materialised. In a statement dated December 17, 2024, the Board of Tullow Oil expressed confidence in the company’s standalone prospects. “The Board of Tullow notes the announcement from Kosmos Energy Ltd confirming that it does not intend to make an offer for the Company following an announcement on 12 December 2024 regarding a possible all-share offer by Kosmos for the Company”, the release mentioned. It noted that ongoing efforts to optimize its capital structure and address outstanding debt maturities. This follows progress on the Branch Profits Remittance ...

 Tullow Oil Plc has announced that its Chief Executive Officer Rahul Dhir, will step down from his role and resign from the Board in 2025 to focus on other business, academics and family interests. The Board of the UK-based oil exploration company has commenced the search for a successor. Dhir will remain in his position until a transition plan is finalized to ensure continuity during the leadership change. Under his tenure, Tullow achieved a significant turnaround, delivering over $1.1 billion in free cash flow and halving its net debt to $1.4 billion. Following the announcement however, the share price of the Ghana focused oil and gas player fell by almost 10% on Thursday, December 5, 2024 on the London Stock Exchange. Tourism packages Commenting on the announcement, Phuthuma Nhleko, Tullow’s Non-Executive Chairman commended Dhir’s contributions since his appointment in 2020. I would like to thank Rahul for his hard work and dedication to Tullow. Since joining in 2020, Rahul has ...

Tullow Ghana has confirmed the discovery of a new gas reserve, estimated to hold between 1.5 and two trillion cubic feet (TCF) of the hydrocarbons offshore Cape Three Points in the Western Region. The new non-associated gas reserve is located within the Tweneboa, Enyenra, Ntomme (TEN) and the Jubilee fields. The Managing Director of Tullow Ghana Limited, Wissam Al-Monthiry, made this known during a virtual interaction with journalists last Friday on the merger between Tullow Oil PLC and Capricorn Energy PLC. He said although the company had appraised the richness of the gas reserve - a natural gas field, which has no crude oil associated, “I must say we do not have the right to drill it yet as per our petroleum agreement but it is within TEN and Jubilee reservoirs.” According to the Petroleum (Exploration and Production) Act, 2016 (Act 919), oil companies do not have the right to produce hydrocarbon finds other than what they set out to explore in their initial agreement. That means if...

  Tullow Oil has signed a Memorandum of Understanding (MOU) with Forestry Commission, Ghana to identify and develop carbon offset projects that will support both the realisation of Tullow’s 2030 Net Zero Plans and the Government of Ghana’s Nationally Determined Contributions under the Paris Agreement. Pursuant of the MOU signed, the two organisations will collaborate to develop projects which will enhance the conservation of existing forest and increase forest stocks in line with Ghana’s REDD+ strategy. This active collaboration will not only help build a low carbon future but will create alternative economic opportunities for communities within the identified project zone. In addition to the company’s commitment to decarbonise operational assets and eliminate flaring by 2025, the identified carbon offset project will form part of Tullow’s strategy to attain Net Zero on its scope 1 and 2 emissions by 2030. The Carbon offsets will compensate for the residual, hard to abate emission....