Latest news with #TullowOil
Zawya
8 hours ago
- Business
- Zawya
Eni declares Eban-Akoma complex in Ghana commercially viable
Ghana's oil and gas sector is showing signs of resurgence, with Eni's recent declaration of commerciality for the Eban-Akoma complex in Cape Three Points Block 4. The find, estimated to hold between 500 and 700 million barrels of oil equivalent, is the country's largest offshore discovery in years and lies adjacent to Eni's existing Sankofa production hub. The African Energy Chamber (AEC) supports this development as a significant step forward in Ghana's upstream revival. Last month, Tullow Oil and Kosmos Energy, along with partners PetroSA, Ghana National Petroleum Company (GNPC), and Explorco, signed a Memorandum of Understanding to secure the extension of petroleum licenses in the Jubilee and TEN fields through 2040. This agreement underscores the country's institutional capacity to drive and sustain long-term energy growth. The renewed focus on production-led investment is at the center of both developments. Eni is preparing a development plan to bring its new find online, while Tullow and Kosmos have committed up to $2 billion to drill 20 new wells in Jubilee. These investments are anchored in existing infrastructure, supported by regulatory clarity, and structured to deliver returns for investors and the Ghanaian state. Energy security is central to both projects, as Eni already supplies a large portion of Ghana's domestic gas needs. Under the extended production license agreement, Tullow and Kosmos have committed to delivering 130 million standard cubic feet of gas per day from the Jubilee and TEN fields, supported by a restructured pricing and payment model that enhances access for power producers and industrial users. Ghana's institutional capacity also stands to benefit from partnerships between Eni, Tullow and Kosmos and national bodies like GNPC and the Petroleum Commission. Eni's ongoing expansion and drilling programs are expected to directly and indirectly support thousands of jobs across engineering, logistics, fabrication, and services, while creating new opportunities for Ghanaian companies to play a greater role in the oil and gas value chain. 'Ghana is proving that a clear regulatory environment, strong national institutions and consistent political will can unlock real energy growth,' said NJ Ayuk, Executive Chairman of the AEC. 'The Eban-Akoma discovery and the government's smart approach to extending production at Jubilee and TEN are exactly the kinds of moves that send a message to global investors: Ghana is open for business and serious about long-term energy security.' Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Upstream Momentum Builds in Ghana as Eni Declares Eban-Akoma Commercial and Tullow, Kosmos Extend Licenses
Ghana's oil and gas sector is showing clear signs of resurgence, underscored by Eni's recent declaration of commerciality for the Eban-Akoma complex in the Cape Three Points Block 4. Estimated to hold between 500 and 700 million barrels of oil equivalent, the find marks the country's largest offshore discovery in years and lies adjacent to Eni's existing Sankofa production hub, allowing for rapid and cost-efficient development. The African Energy Chamber (AEC), as the voice of Africa's energy sector, welcomes and strongly supports this development as a significant step forward in Ghana's upstream revival. Together with other recent industry milestones – including 15-year license extensions granted to Tullow Oil and Kosmos Energy – it signals growing confidence in Ghana's potential and stands as a testament to the bold measures taken by President John Mahama's administration to restore momentum and investor trust in the sector. Ghana Secures Long-Term Energy Commitments Last month, Tullow Oil and Kosmos Energy – alongside partners PetroSA, Ghana National Petroleum Company (GNPC) and Explorco – signed a Memorandum of Understanding to secure the extension of petroleum licenses in the Jubilee and TEN fields through 2040. While the Eban-Akoma discovery points to Ghana's geological upside, the agreement with Tullow and Kosmos underscores the country's institutional capacity to drive and sustain long-term energy growth. At the center of both developments is a renewed focus on production-led investment. Eni is preparing a development plan to bring its new find online, while Tullow and Kosmos have committed up to $2 billion to drill 20 new wells in Jubilee. These aren't speculative ventures – they're anchored in existing infrastructure, supported by regulatory clarity and structured to deliver returns for both investors and the Ghanaian state. The resulting uplift in oil and gas production will expand the country's revenue base through GNPC equity, royalties and taxes – laying the groundwork for greater investment in national development priorities such as healthcare, education and infrastructure. Crucially, Ghana's ability to secure long-term upstream commitments also sends a strong signal to global markets that the country is stable, serious and investment-ready. Expanded Output to Power Industry and Jobs Energy security is also central to both projects. Eni already supplies a large portion of Ghana's domestic gas needs, and Eban-Akoma will enhance that capacity. Under the extended production license agreement, Tullow and Kosmos have committed to delivering 130 million standard cubic feet of gas per day from the Jubilee and TEN fields, supported by a restructured pricing and payment model that enhances access for power producers and industrial users. These volumes are vital for stabilizing the power sector, strengthening energy-intensive industries and supporting job creation. With sustained drilling and field optimization, Ghana's proven and probable reserves will continue to grow, further strengthening its resource base and outlook. Ghana's institutional capacity also stands to benefit. Partnerships between Eni, Tullow and Kosmos and national bodies like GNPC and the Petroleum Commission include frameworks for knowledge transfer, technical support and regulatory alignment – all of which strengthen the country's ability to manage its energy resources. Eni's ongoing expansion, along with Tullow and Kosmos' drilling programs, is expected to directly and indirectly support thousands of jobs across engineering, logistics, fabrication and services, while creating new opportunities for Ghanaian companies to play a greater role in the oil and gas value chain. 'Ghana is proving that a clear regulatory environment, strong national institutions and consistent political will can unlock real energy growth,' said NJ Ayuk, Executive Chairman of the AEC. 'The Eban-Akoma discovery and the government's smart approach to extending production at Jubilee and TEN are exactly the kinds of moves that send a message to global investors: Ghana is open for business and serious about long-term energy security.' As Ghana works to revitalize its upstream sector and accelerate economic growth, these commitments represent crucial milestones that strengthen the country's reputation as a dependable oil and gas producer while driving energy security, building institutional capacity, creating jobs and fueling sustainable development. Distributed by APO Group on behalf of African Energy Chamber.
Bloomberg
14-07-2025
- Business
- Bloomberg
Tullow and Kenya's Gulf Energy Win Extension for Oil-Field Plan
Tullow Oil Plc and Gulf Energy Ltd. won an extension to submit a development plan for fields in Kenya, a crucial step to completing a sale of the assets. Tullow agreed to sell the oil deposits to the Nairobi-based trading firm in April, after struggling for more than a decade to bring them on stream. The $120 million deal was welcomed by investors eager to see Tullow's debts come down, but it's dependent on submission of a plan to get the oil flowing.
TimesLIVE
10-07-2025
- Business
- TimesLIVE
Ghana warns of power cuts while Italy's Eni works to boost gas supply
Italian energy group Eni will temporarily suspend operations at a gas plant in Ghana on Sunday to implement a supply increase, likely resulting in power cuts, the West African country said on Wednesday. Ghana, the world's second biggest cocoa producer, has been trying to ramp up oil and gas production to increase revenues and prevent fossil fuels from becoming stranded. It has reached a deal with Eni to increase natural gas supply by 30-million standard cubic feet per day to 270-million, the energy ministry said in a statement on X on Wednesday. To facilitate the upgrade, Eni will temporarily halt some operations, resulting in "an impact on the availability of gas for power generation", the statement said. Speaking at an event on Monday in the southern city of Kumasi, energy minister John Jinapor said Ghana was "likely to experience some interactions or interruption of power" while the plant was offline. "Once the work is done, we shall stabilise supply of gas, increase gas production and that will improve the delivery of power," he said. Eni's Offshore Cape Three Points project off Ghana's Atlantic coast meets 65% of the country's energy demand, according to the Italian company's website. Last week, Tullow Oil said in a statement it was planning to increase the supply of gas from its Jubilee and TEN projects to about 130-million standard cubic feet per day.
Zawya
20-06-2025
- Business
- Zawya
Gabon Oil Company Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 Following Major Asset Acquisition from Tullow Oil
Marcellin Simba Ngabi, CEO of Gabonese parastatal Gabon Oil Company (GOC), is set to speak at Africa's premier energy event, African Energy Week (AEW): Invest in African Energies 2025, which takes place in Cape Town from September 29 to October 3. Ngabi's presence at AEW: Invest in African Energies 2025 signals a bold new era for state-led energy development as GOC transitions from a partner in operations to a primary driver of upstream growth and regional integration. Ngabi's participation comes shortly after the GOC's landmark $300 million acquisition of oil and gas company Tullow Oil's entire Gabonese portfolio, a transaction that includes 10,000 barrels per day (bpd) in production and 36 million barrels of proven reserves. The acquisition underscores GOC's strategic push to ramp up national oil production and attract new investment into Gabon's energy sector. During AEW: Invest in African Energies 2025, Ngabi is expected to share insight into the company's portfolio expansion, detailing how this recent acquisition supports the country's broader production goals. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. With over two billion barrels of proven oil reserves and significant gas potential, Gabon is reasserting its position as one of Africa's most promising energy frontiers. As the country seeks to boost production to 220,000 bpd, GOC is spearheading efforts to optimize mature fields, unlock value from marginal assets and fast-track project development. Recent developments include the GOC's oilfield development partner BW Energy's fast-tracked production start at the Hibiscus South satellite prospect, situated in the Dussafu license, which added 5,000-6,000 bpd within five months of discovery. Meanwhile, in 2024, GOC completed the acquisition of the private equity company Carlyle Group-owned Assala Energy – adding seven onshore licenses, a pipeline network and the Gamba export terminal to its portfolio. These milestones highlight GOC's commitment to rapid asset turnaround and production growth. Beyond oil, GOC is advancing Gabon's Gas Master Plan to monetize the country's three to five trillion cubic feet of natural gas reserves. Strategic initiatives include independent oil and gas company Perenco's $1 billion Cap Lopez LNG terminal – set to come online in 2026 – and the Batanga LPG plant, which became operational in December 2023. These efforts form part of a broader national drive to reduce flaring, strengthen downstream industries and diversify the country's energy mix. At AEW: Invest in African Energies 2025, Ngabi is expected to showcase Gabon's revitalized upstream agenda, highlight new investment opportunities across the oil and gas value chain and outline the national oil company's vision for leveraging international partnerships to drive sustainable growth. His participation is also set to highlight how national oil companies are transforming Africa's energy narrative through bold acquisitions, technology adoption and regional cooperation. 'Gabon's recent acquisitions and project milestones position the country as a rising force in Africa's upstream resurgence. Ngabi's participation at AEW: Invest in African Energies 2025 reinforces the central role national oil companies are playing in unlocking Africa's energy future, and we look forward to his insights on Gabon's strategic roadmap,' stated Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
