TotalEnergies and its partner QatarEnergy have boosted their positions in the South African portion of the prolific Orange Basin by farming into offshore Block 3B/4B, the two companies announced March 6.
LONDON, March 6 (Reuters) – Tullow Oil (TLW.L), opens new tab swung into a loss in 2023 after cutting the value of reserves in one of its West African oilfields, as its chief executive said the company would consider shareholder returns after 2025.
Tullow Oil recorded a loss of $110 million in 2023.
This was announced by the oil exploration company after it released its 2023 full year results in London today March 6, 2024.
Global temperatures are currently increasing at a faster clip than at any time in the last 2 million years. This has fueled record-breaking heat waves, wildfires and droughts, and has also intensified weather patterns.
Tullow Oil has announced a significant liquidity headroom of $700m and a reduction in capital expenditure (capex) for 2020, reflecting its strategic adjustments in response to the volatile external environment. The company has successfully completed the bi-annual redetermination of its reserves-based lending (RBL) credit facility, securing a $1.9bn debt capacity approved by its lending syndicate. This financial maneuvering comes as Tullow aims to navigate through the challenging market conditions exacerbated by COVID-19 and the resultant oil price collapse.
OPEC+ may have put a floor under crude prices by extending oil supply cuts for another quarter, but the group will soon face a more grueling test.
The Ghana Upstream Petroleum Chamber is a non-profit upstream petroleum organisation which aims to achieve long term success of the upstream petroleum industry in Ghana.