Latest news with #WestAfrica-focused
Zawya
15-04-2025
- Business
- Zawya
UK's Tullow Oil to sell Kenya assets for at least $120mln
West Africa-focused oil and gas explorer Tullow Oil said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd for at least $120 million as it works to reduce its debt. Tullow will get three $40 million payments, be entitled to royalty payments and have the right to 30% participation in potential future development phases at no cost, it said in a statement. The company's Kenyan oilfields have not been brought into full production as any export route would require building hundreds of miles of a heated pipeline to the coast. It recorded a $145 million write-off on these operations last year. In May 2023, the UK-listed company became the sole owner of the Lokichar oilfield after its license partners TotalEnergies and Africa Oil Corp withdrew and sale talks with Indian state-run companies did not result in a deal. Last month, Tullow agreed to sell its working interests in Gabon for $300 million in cash. It had net debt of around $1.5 billion at the end of last year. The company had a market capitalisation of around $255 million as of Tuesday. (Reporting by Shashwat Awasthi in Bengaluru and Shadia Nasralla in London; Editing by Mrigank Dhaniwala and Savio D'Souza)
Reuters
15-04-2025
- Business
- Reuters
UK's Tullow Oil to sell Kenya assets for at least $120 million
April 15 (Reuters) - West Africa-focused oil and gas explorer Tullow Oil (TLW.L), opens new tab said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd for at least $120 million as it works to reduce its debt. Tullow will get three $40 million payments, be entitled to royalty payments and have the right to 30% participation in potential future development phases at no cost, it said in a statement. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The company's Kenyan oilfields have not been brought into full production as any export route would require building hundreds of miles of a heated pipeline to the coast. It recorded a $145 million write-off on these operations last year. In May 2023, the UK-listed company became the sole owner of the Lokichar oilfield after its license partners TotalEnergies ( opens new tab and Africa Oil Corp withdrew, opens new tab and sale, opens new tab talks with Indian state-run companies did not result in a deal. Last month, Tullow agreed to sell its working interests in Gabon for $300 million in cash. It had net debt of around $1.5 billion at the end of last year. The company had a market capitalisation of around $255 million as of Tuesday.
Reuters
25-03-2025
- Business
- Reuters
UK's Tullow Oil posts annual profit on lower impairments, asset revaluation gains
March 25 (Reuters) - West Africa-focused independent oil and gas explorer Tullow Oil (TLW.L), opens new tab posted an annual profit on Tuesday, largely helped by a reduction in impairments and asset revaluation gains. The London-listed company's profit after tax for the year ended December 31 came in at $55 million, compared with a loss of $110 million reported a year earlier.
