Page 13 - AfrOil Week 46 2021

AfrOil PROJECTS & COMPANIES AfrOil

Tullow Oil pre-empts deepwater

component of Kosmos acquisition

GHANA TULLOW Oil has exercised its right of pre-emp- delivering their Ghana Value and Maximisation
tion over the participating interests in the off- plan.
shore Deep Water Tano (DWT) block indirectly In a related development, Tullow Ghana said
acquired by Kosmos Energy in mid-October. it had taken delivery of its first Ghanaian-owned
As per the DWT joint operating agreement flagged marine vessel known as the MV Flat
(JOA), Tullow has pre-emption rights in respect Confidence. This follows a successful Offshore
of the 11.5% participating interest within the vessel inspection Database (OVID) testing on
offshore DWT Block now owned by Kosmos November 5th, 2021
Energy as a result of its acquisition of Anadarko, The MV Flat Confidence was acquired by
WCTP company announced last month. Flat C Marine Offshore, after a long-term con-
After completion, it is expected that tract that was granted by Tullow Ghana to the
Tullow’s equity interests will increase to 38.9% company that enabled them to raise capital to
in the Jubilee field and 54.8% in the Twene- procure the vessel. The vessel will support off-
boa-Enyenra-Ntomme (TEN) fields. This would shore operations in the oil and gas industry in
in effect mean that Tullow’s share in the block Ghana. ™
(jointly owned together with JV Partners and
now Kosmos Energy) would increase by 7.7%.
The consideration for the 7.7% increase in
equity would be approximately $150mn with an
economic effective date of 1 April, 2021, subject
to concluding definitive agreements and closing
adjustments. The purchase of the participating
interest in the DWT Block will be funded from
Tullow’s existing resources.
Commenting on this, Tullow Oil chief exec-
utive Raul Dhir said: “This is a value-accretive,
self-funded opportunity for the group which
will increase Tullow’s daily Group production
by approximately 10% and generate additional
cash flow to help accelerate debt reduction.”
He added that increasing Tullow’s stakes in
the Jubilee and TEN field underscoresthe com-
pany’s their commitment to investing in and The TEN fields lie within the Deep Water Tano (DWT) block (Image: Tullow Oil)

OPAC Refineries in kerosene offtake deal

NIGERIA THE Independent Petroleum Marketers Asso- as there is enough product on [the] ground that
ciation of Nigeria (IPMAN) this week signed a can last till next year,” he said.
kerosene offtake deal with the modular 10,000 OPAC began pre-commissioning operations
barrel per day (bpd) OPAC Refineries facility at in September, following completion earlier in
Umuseti in Delta. The deal will see OPAC supply the year. At that point, chairman Momoh Jimah
fuel oil to IMPAN members throughout Nigeria. Oyarekhua said pre-commissioning and com-
The group’s President Elder Chinedu Oko- missioning work would continue until the end
ronkwo said that the supply deal was agreed in of November, when commercial operations are
order to help bridge supply gaps which have due to begin.
been compounded by a significant rise in the OPAC is one of 16 modular refineries with
price of LPG. Shortly after the announcement, capacities of 20,000 bpd or less that are under
IPMAN’s public relations officer Yakubu Sulei- development and scheduled to come into oper-
man moved to assure Nigerians of plentiful ation by the end of 2022, joining the 5,000 bpd
supply lasting into 2022, urging the public not developed by Waltersmith Refining & Petro-
to panic over a perceived scarcity. “Do not panic, chemical Co. at Ibigwe.

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