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Tullow Oil expands Ghana ownership

The Anglo-Irish independent will pre-empt former partner's divestment

Anglo-Irish independent Tullow Oil will exercise its right to pre-empt US superindie Occidental Petroleum’s sale of Ghanaian assets to New York-listed Kosmos Energy and state-owned Ghana National Petroleum Corporation (GNPC). Occidental last month agreed to sell its 11.05pc interest in the Deep Water Tano (DWT) block—which includes stakes in the Jubilee and TEN fields. Ownership of Jubilee before Occidental’s divestment comprised Kosmos (24.08pc), Tullow (35.48pc), Occidental subsidiary Anadarko (24.08pc), GNPC (13.64pc) and South Africa’s Petrosa (2.73pc). TEN was owned by Tullow (47.18pc), Kosmos and Anadarko (17pc each), GNPC (15pc) and Petrosa (3.82pc). Tullow’s $150mn pre-emption will

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