M a r k e t N e w s

Tullow Oil Announces a New Plan for the Kenya Project and Reports a Profit in the Interim

Posted on : Friday , 22nd October 2021

Tullow Oil returned with a first-half profit and a development plan for its Kenya operation on Wednesday, pushing shares in the Africa-focused company up as much as 9%.

Tullow and its joint venture partners have finished the redesign of the Kenya development project, according to the business, which also stated that the project's total gross capex is estimated to be around $3.4 billion, which is higher than the prior estimate.

The company which entered Kenya in 2010, now expects to recover 585 million barrels of oil (mmbo) from the project over the full life of the field, which JPMorgan analysts said in a research note was at least 14% higher than their estimate.

Tullow is in talks for strategic partners for the project, Chief Executive Officer Rahul Dhir told Reuters, adding that the company was also looking to cut its exposure in Guyana.

"Tullow is just taking a step back. The overall strategy is to allocate more capital to our core production assets, so what we are looking to do in Guyana for instance is to bring in partners and reduce our capital exposures," Dhir said.

Tullow, which has been operating in Africa since 1986, raised the lower end of its 2021 production target to reflect increased output from its Central-African Simba field while it pushed the planned maintenance shutdown of the Ghanaian Jubilee plant into 2022.

The company now expects 2021 output between 58,000-61,000 barrels Of oil equivalent per day (boepd) compared with its previous forecast of 55,000-61,000 boepd. Production for the first half fell by 21%, in line with Tullow's expectations.

The company's finance chief Les Wood will also step down by the end of March, with the search for a new CFO expected to conclude in the first quarter of 2022.

For the six months ended June, profit after tax was $93 million, compared to a loss of $1.33 billion last year owing to impairment costs. Earlier this year, Tullow refinanced its $2.3 billion debt.

Source : www.indnzaf.com
Featured Companies
  • Bajaj Auto
  • Tire Group International, LLC.
  • /
  • TITAN Containers A/S
  • Your Banner HERE!

Complete List  

Advertisers in previous issue:

  • Industrial  machinery
  • South African incinerator and cremator designer and manufacturer making significant inroads into overseas markets.
  • The trusted source for all your heavy  equipment needs!
  • Aygaz is the only fully integrated LPG company in Turkey, operating in all LPG processes, including production, procurement, storage and filling
  • Sonmez Makina Ltd. is a manufacturer and exporter company for filling systems of domestic use LPG cylinders.
  • Catering for the most varied industrial storage requirements.
  • Dedicated to the Engineering Manufacturing Sector in India
  • From a modest beginning in 1955, the IGP Group today provides over 50 products and services to the core sector.
  • Suppliers of generators for every application
  • Engineering Expo, is India’s largest multi-location trade show on manufacturing
  • VALSER Oil & Gas Limited was created to service the oil & gas, petrochemical, refining and power industries in East Africa
  • Manufacturers & Exporters of hand tools, garden tools & leatheer tool pouches.
  • Save your power bill by instaling servo voltage stabilizer.
  • Pumps for dewatering, ground water control, sludge and slurry handling.
  • Kenya Engineer is a Journal of the Institution of the Engineers of Kenya
  • All type conveyor belts for internal & external location tapis roulant de tout genre pous deplacement a l
  • Fuel Metering System
  •  SS Gas Lab Asia is a reputed engineering company, engaged in manufacturing of carbon dioxide gas plants, hydrogen gas plants, nitrogen dioxide gas plants, CO2 storage tanks, CO2 transportation tankers and dry ice plants.
  • Ravi Enterprise is a professionally managed organization, established as a reliable source of industrial heaters.
  •  EuropCorr is a company specialized in design, manufacturing, sales and consultancy of corrosion monitoring systems mainly for petrochemical, oil and gas industry.
  • BITZER ranks among the leading manufacturers of refrigerant compressors.
  • Manufacturer & Trader of coil winding machines, toroidal coil winding machines, wire bunching machines, complete winding solution
  • A world leading name in Heat Transfer Technology
  •  K & S Financial Group is the link between the end buyer and a reputable Russian refinery.
  • Manufacturer refrigerated-type air dryer, desiccant air dryer and compressed air in-line filter.
Afrotrade International Marketing, Tel: +971-50-6285684
© 1998-2022 Afrotrade