Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar
Tullow to resume Gabon expansion
The debt-burdened firm’s fortunes appear to be turning
Anglo-Irish independent Tullow Oil’s efforts to bolster its balance sheet appear to be succeeding, as the firm is poised to resume previously deferred expansion works in Gabon. Tullow’s sale of its Gabonese Dussafu Marin permit and its assets in Equatorial Guinea allowed cash to be “re-allocated to accelerate the Simba expansion development in Gabon”, the company says. Work is due to start this quarter and is expected to boost 2021-2022 production. Tullow describes the project as “low-risk, high return”. CEO Rahul Dhir also cites “improved market conditions” as contributing to “operational and financial progress” and says the firm will continue to reduce its debt. $30/bl – Previously s
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
