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Letter on Africa: New African refineries could help break old dependencies
A profound shift is occurring in the global refining sector, one which might help redefine Africa’s place in worldwide trade networks
Ghana poised for short and medium-term oil boosts
New wells at the Jubilee field will lift output in 2023, while the Pecan field offers longer-term prospects if development can be progressed
Letter from Africa: Investors should look beyond region’s challenges
Opportunities abound as hydrocarbons remain crucial to growing energy needs
Capricorn and New Med to merge
The deal between the two independents leaves London-listed Tullow Oil without a dance partner
Capricorn expects Q4 merger progress
The proposal to combine with Tullow would create a large independent with an Africa-focused portfolio
Guyana yields more discoveries
Two more finds have been made at the upstream frontier’s prolific Stabroek block
Africa's upstream to feel transition squeeze
The continent’s oil production will decline in the 2020s while gas production will increase before starting to slip, according to the IEA
Letter from London: A tale of two sectors
Africa’s upstream is heavily populated by companies headquartered in London, where an increasingly positive environment for independents contrasts with the public pressure on the majors
Tullow continues search for Kenyan project partner
The Anglo-Irish independent is looking for more buy-in to progress its Lokichar/Turkana development
Ghana’s downstream goals remain distant
The country is seeking investors to fund the rehabilitation of its only oil refinery, while confusion continues about plans for a new plant
FPSO offshore Ghana
Tullow Oil Kenya Ghana
Simon Ferrie
11 March 2021
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Troubled Tullow mulls Kenya options

The future of the Anglo-Irish independent’s Kenyan assets hangs in the balance as it puts its money on Ghana

Debt-burdened Tullow Oil showed only a marginal improvement in its 2020 performance compared to 2019. And so the firm is looking at monetisation options for its Kenyan reserves, while it continues to divest many of its other African assets and focuses mainly on Ghana. Tullow logged a $1.22bn loss in 2020 compared with a $1.69bn loss in 2019. The producer attributed last year’s loss to $1.24bn in exploration write-offs amid the slump in oil prices. Tullow has already divested assets in Equatorial Guinea and Gabon, as well as its stake in the Lake Albert project in Uganda, in an effort to bolster its balance sheet. The firm says that “options [are] being worked to unlock value in Kenya and Sou

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