Map of the day: Ghana near-field tiebacks and upsides

#Ghana #Jubilee #Kosmos #TEN #Tull...

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Kosmos hit by rig contract as dry hole is announced in Suriname

Kosmos could be liable for a share of the onerous contract in Ghana entered into by Tullow Oil, operator of the Jubilee and TEN fields. This could equate to over USD100 million for Kosmos which would wipe out Q2 2018 revenues and earnings since the beginning of the year. Tullow, on behalf of the field partners entered into a long-term rig contract for the West Leo rig in 2012 for work in the Jubilee and TEN area. In 2016, Tullow declared force...

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Tullow: An African update

Tullow provided a trading update today which gives an overview on progress across a selection of Africa's key fields and developments. Ghana Production in Q1 2018 at Jubilee averaged 63.8 mbopd - there were 19 days of shut-ins throughout the period. An updated shut-in/maintenance schedule plans for three weeks of downtime in May and one week at year end for a total of 47 days. Tullow’s production is insured at c.USD60/bbl, but with Brent to date hovering above USD70/bbl the company is incentivised to minimise down time. TEN production performed...

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Aker Energy buys Hess’ Ghana business

Aker Energy, a 50-50 JV between Aker and TRG, has acquired Hess’ 40% interest in Deepwater Tano Cape Three Points, offshore Ghana for USD100 million, with USD25 million payable at close and a further USD75 million payable on PDO approval. The block lies south of the Jubilee and TEN blocks operated by Tullow and covers over c.2,100km2 with a 2C resource estimate of ~550mmbbl. Aker will present a development plan for the block later this year...

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Kosmos London listing at risk as company and advisors face potential legal action

Kosmos' secondary listing is at risk as the Saharawi government had strongly condemned the company's move to list on the LSE. The Sahrawi government has threatened the company's licences in the region as well as legal action against Kosmos and its advisors. The listing would set a precedent for legal proceedings regarding companies operating in the disputed region which could drag out for years to come. The press release by the Saharwi government is below. -------------------------------------- Media release – Communiqué For immediate release Saharawi...

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Troubles at Jubilee

Jubilee FPSO On 18th February, Tullow and Kosmos warned of a potential maintenance issue with the Jubilee FPSO’s turret. At this stage oil production and gas export is continuing as normal but the vessel is now set to be held in position by tugs rather than weathervane. The implications are that the turret may require maintenance that results in unscheduled shut-in and additional costs to rectify the issue. The length of any repair work is not...

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Tullow in the middle

The fight for oil is nothing new – ownership of oil commands tremendous wealth. Countries fight over the black stuff in wars, and perhaps less barbarically nowadays across a table. Individuals go after it in the hope of getting rich, as evidenced by the large number of independents that have popped up in the past couple of decade...

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