Oil and gas decommissioning costs to hit nearly £17bn with 1.2m tonnes from North Sea to be removed With 1.2 million tonnes of disused oil and gas installations from the North Sea expected to be removed for reuse and recycling, UK oil and gas firms are being forecast to spend some £16.6bn on decommissioning work over the next decade. Industry body Oil and Gas UK (OGUK) said work in this area would be [...]
Tullow Oil back in black in first half Tullow Oil back in black in first half Tullow Oil today swung back into profit for the first half of the year and upped its production targets as it looked to get back on a surer footing after several challenging years. The firm booked a profit of $93m for the first six months, having posted a whopping $1.3bn loss in the same period [...]
Tullow Oil signs new $1.7bn loan agreement Tullow Oil signs new $1.7bn loan agreement London-listed Tullow Oil today said that it had agreed a new $1.7bn (£1.2bn) loan agreement with its banks, giving the exploratory firm liquidity of $900m. The loan comes as the company continues to negotiate with its creditors over financing its $2.4bn debt pile. Shares in the firm rose 5.5 per cent on the back of [...]
Tullow Oil falls to $1.3bn loss after massive oil price writedown September 9, 2020 Tullow Oil fell to a $1.3bn loss in the first half of the year after it was forced to write down $1.4bn due to a lowering of its price outlook. With a mounting debt pile, the oil exploratory firm said that it was in the process of evaluating refinancing options, with a capital markets day [...]
Tullow Oil shares jump as firm sells Uganda assets for $575m April 23, 2020 Tullow Oil has sold its last remaining stakes in its Uganda business to French major Total, the first step in its plan to bolster its fragile finances. The deal will see Total pay the Africa-focused oil firm $575m (£465.2m) for its Ugandan assets, the first move in a portfolio management programme aiming to raise $1bn. [...]
Tullow Oil appoints new chief executive amid coronavirus disruption April 21, 2020 Tullow Oil has appointed Rahul Dhir as its new chief executive as the troubled exploratory firm overhauls its business amid the coronavirus oil crash. Dhir, who is currently the chief executive of Africa-based oil firm Delonex, joins Tullow as the firm cuts a third of its workforce and seeks to raise $1bn from the sale [...]
Oil giants slump as Trump EU travel ban makes COVID-19 and price war effect worse March 12, 2020 Oil company shares have sunk today after the Brent crude price sunk below $34 a barrel, as the market absorbs news of President Trump’s travel ban. Shares in BP have fallen 11.18 per cent to 280p and those of Shell are also down 11.15 per cent at 1,165p. Tullow oil and TransGlobe Energy released results [...]
Tullow Oil swings axe at workforce after massive 2019 loss March 12, 2020 Low cost oil exploration company Tullow has warned it will cut over a third of its workforce as it reported a pre-tax loss for 2019 and warned of “material uncertainty” over its future. Tullow Oil unveiled a $1.7bn pre-tax loss in 2019, down from an $85m profit in 2018. And volatility in the world oil [...]
Tullow Oil sees stock fall again as drilling comes up dry February 17, 2020 Tullow Oil’s shares fell six per cent this morning as the exploratory firm said that it would abandon one of its wells in Peru after failing to find oil while drilling there. The well, of which Tullow owns a 35 per cent stake, was the first to be drilled in the offshore Tumbes basin, a [...]
Tullow Oil books $1.5bn writedown as it cuts outlook for oil prices January 15, 2020 Tullow Oil sounded the alarm on oil prices today, booking a $1.5bn (£1.15bn) writedown on its outlook after lowering its long-term oil price outlook. The energy firm slashed its prediction for oil prices by $10 to $65 a barrel, with underwhelming well exploration and a reduction in Ghanian reserves also contributing to the writedown. “Tullow [...]