Tullow has affirmed its commitment to Ghana’s socio-economic growth through its operations in the country.
The State will audit Tullow Oil’s spending on its oil project amid a review of a plan submitted by the British firm on plans to develop the petroleum deposits found in
Turkana more than a decade ago.
Mohamed Liban, Petroleum Principal Secretary, said the new audit by an independent consultant will cover costs Tullow incurred on blocks 10BB and 13T from 2021 until the end of the 2024 calendar year as well as Early Oil Pilot Scheme (EOPS) from 2021 to the end of 2023. “In so doing, the consultant will evaluate whether the expenditures are in line with contractual obligations and if the claimed costs are entitled to cost recovery,” the official said.
Similar independent cost recovery audits for blocks 10BB and 13T for 2010-2016, 2017-2018, 2019-2020, and EOPS for 2017-2020 have been run.
Kenya’s petrodollars dream will take longer to materialise as Tullow Oil plans to make its first commercial export of oil in 2028, marking the latest delay in the project.
This timeline contained in the Field Development Plan (FDP) submitted by the British firm to the government for review and approval, has been revealed for the first time by the Energy and Petroleum Regulatory Authority (Epra).
This is as the government recently extended the timeline for review of the FDP, which Tullow says has been optimised to be robust at low global oil prices, to June 30, 2024.
Tullow has affirmed its commitment to Ghana’s socio-economic growth through its operations in the country. The UK-based multinational oil and gas company currently operates the two main oil fields in Ghana – Jubilee and TEN. Together with its partners, Kosmos Energy, Ghana National Petroleum Company (GNPC), Petro SA and Jubilee Oil Holdings Limited (JOHL), they have invested close to $19 billion into the country since 2010 and delivered $6 billion in revenues to the government in that same period.
The operator of Jubilee and TEN oil fields, Tullow Ghana, along with its partners, has undertaken significant initiatives aimed at enhancing community infrastructure and engagement in a concerted effort to bolster support for coastal communities in the Western Region.
Tullow has affirmed its commitment to Ghana’s socio-economic growth through its operations in the country.
British oil explorer Tullow has written off $17.9 million (Sh2.41 billion) worth of its Kenyan assets on the uncertainty over their sale to a strategic investor and commercial exploitation of the Turkana oil deposits.
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.
Tullow has entered a partnership with Innohub, a leading enterprise support organisation, to empower small and medium-scale enterprises across Ghana’s agricultural value chain.