cloud

Tullow Oil’s Operations in Gabon Remain Unaffected by Coup

author
By: Emmanuel Abara Benson
Tullow Oil’s Operations in Gabon Remain Unaffected by Coup

In the wake of a presidential coup in Gabon last month, Tullow Oil Plc, a prominent oil company, has reported that its operations and assets in the country remain unaffected. Gabon, a central African nation, accounts for approximately a quarter of Tullow’s crude oil production. The company has managed to maintain a steady production of about 12,800 barrels of oil per day (bopd) from non-operated assets in Gabon. Despite the political upheaval, cargo liftings have continued as usual, according to Rahul Dhir, the CEO of Tullow Oil.

Secured Licenses and Asset Swap

Before the overthrow of Gabon’s president, Tullow had secured approval to extend some of its licenses until 2046. Additionally, the company struck a cashless asset swap with Perenco SA’s Gabon unit earlier in the year. This strategic move allowed Tullow to optimize its equity interest in certain key fields in Gabon. Under Dhir’s leadership, the focus of the company has been on familiar assets, particularly those in Ghana.

Surge in Shares and Shift in Identity

Following the announcement that the gross production of the Jubilee field had surpassed 100,000 bpd, Tullow’s shares experienced a surge. This marked a significant milestone for the company. In a notable shift in direction, the company has also exited its business in Guyana, indicating a move away from its former identity as a wildcat explorer. Dhir mentioned that the company is now entering a ‘harvesting phase.’ Future exploration will be centered around existing assets in Ghana, Cote d’Ivoire, or Gabon.

Kenyan Project Challenges and Optimism

However, not all has been smooth sailing for Tullow. A potential growth project in Kenya has faced ongoing delays. Furthermore, the project experienced the withdrawal of minority partners TotalEnergies SE and Africa Oil Corp. Despite these setbacks, CEO Dhir remains optimistic about the situation. He stated that having the Kenyan government as the sole partner provides more flexibility and options to advance the project.

Implications for the Future

The resilience of Tullow’s operations in Gabon amidst political turmoil is a testament to the company’s strategic planning and execution. The company’s ability to continue business as usual in the face of such challenges is noteworthy. Moreover, the shift in focus to existing assets and the optimism surrounding the Kenyan project indicate a promising future for the company.

0
logo

Join the revolution today with our BNN App.

appstore googleplay
Learn more arrow
Africa Energy Gabon

Comments

There are no comments yet.
Log in to comment
Latest Headlines
World News
Israel-Hamas Ceasefire Extended: A Glimmer of Hope Amid Conflict
Israel-Hamas Ceasefire Extended: A Glimmer of Hope Amid Conflict
Investigation Underway as Indonesia's Electoral Commission Faces Potential Data Breach
Investigation Underway as Indonesia's Electoral Commission Faces Potential Data Breach
Hamas Releases Thai Hostages: A Turn in Middle East Power Dynamics
Hamas Releases Thai Hostages: A Turn in Middle East Power Dynamics
Israel-Hamas Cease-Fire Extended: A Beacon of Hope Amidst Conflict
Israel-Hamas Cease-Fire Extended: A Beacon of Hope Amidst Conflict
Nepal's PM Pushpa Kamal Dahal to Lead Delegation at Climate Change Conference
Nepal's PM Pushpa Kamal Dahal to Lead Delegation at Climate Change Conference
Muhyiddin Yassin Declines Re-election as Bersatu President: What Does It Mean for Malaysia's Political Landscape?
Muhyiddin Yassin Declines Re-election as Bersatu President: What Does It Mean for Malaysia's Political Landscape?
India's Supreme Court-Appointed Team Steps Up Efforts against Black Money
India's Supreme Court-Appointed Team Steps Up Efforts against Black Money
New Zealand's New Prime Minister Aims to Ban Cellphones in Schools and Repeal Tobacco Controls in First 100 Days
New Zealand's New Prime Minister Aims to Ban Cellphones in Schools and Repeal Tobacco Controls in First 100 Days
Unexpected Suspension of Turkish-Iranian Summit Sparks Speculation
Unexpected Suspension of Turkish-Iranian Summit Sparks Speculation
Riyadh, Rome, and Busan Battle to Host Expo 2030
Riyadh, Rome, and Busan Battle to Host Expo 2030
Gaza's Healthcare Crisis Worsens: Field Hospitals Yet to Become Operational
Gaza's Healthcare Crisis Worsens: Field Hospitals Yet to Become Operational
WHO on High Alert: Monitoring New Variants of SARS-CoV-2 Virus
WHO on High Alert: Monitoring New Variants of SARS-CoV-2 Virus
Joy and Relief in Batangas as Noralin Babadilla is Released from Gaza Captivity
Joy and Relief in Batangas as Noralin Babadilla is Released from Gaza Captivity
Global Headlines Capture a World in Flux: Market Shifts, Political Unrest, and Business Developments
Global Headlines Capture a World in Flux: Market Shifts, Political Unrest, and Business Developments
Egypt’s Presidential Election Under Global Watch: Arab League to Monitor, Urging Expatriates to Vote
Egypt’s Presidential Election Under Global Watch: Arab League to Monitor, Urging Expatriates to Vote
France Secures Spot in Under-17 World Cup Final: Set to Face Germany
France Secures Spot in Under-17 World Cup Final: Set to Face Germany
Karnataka Health Department Issues Advisory Amidst Surge in Respiratory Illnesses in China
Karnataka Health Department Issues Advisory Amidst Surge in Respiratory Illnesses in China
UN Chief António Guterres Sounds Alarm on Climate Crisis Ahead of COP28
UN Chief António Guterres Sounds Alarm on Climate Crisis Ahead of COP28
bnn wechat
BNN

BNN Breaking

Magazines & Newspapers

Free - In Google Play

Install Open in app