Tullow Oil Plc.OTCPK - Current
Mon, Oct. 3, 3:57 PM
- Seadrill (SDRL, SDLP) says it is disputing Tullow Oil's (OTCPK:TUWLF, OTCPK:TUWOY) claim of force majeure on a contract for the West Leo drilling rig employed offshore Ghana on the TEN development project.
- Tullow claims the field is subject to a drilling moratorium by Ghana's government due to an ongoing border dispute; SDRL says additional Tullow-operated fields within Ghana where the West Leo previously has operated under the contract are not subject to such arbitration proceedings, but Tullow is asserting that a further drilling moratorium applies to these additional fields.
- SDRL -8.9%, SDLP -5.4% near the close of trading.
Tue, Sep. 6, 10:59 AM
- Statoil (STO +1.7%) says it plans to push deeper into the Arctic, shopping for Barents Sea drilling licenses in an attempt to add resources and maintain production over the coming decades.
- STO said it had acquired stakes in four licenses in Norway's far north from Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY), after entering or boosting its holdings in five other Arctic licenses in the past months, through deals with companies including OMV and ConocoPhillips, at undisclosed prices.
- As part of the deal with Tullow, STO raised its stake in the 241M-barrel Wisting discovery in the Hoop area of the Barents Sea to 35% from 15%, enlarging its footprint in one of the most promising provinces in Norway's far north, Jez Averty, STO's head of exploration in Norway and the U.K., tells WSJ.
Tue, Aug. 30, 9:58 AM
- France's Total (TOT +0.8%) and U.K.'s Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) are issued eight oil production licenses in Uganda, which is seeking to move more quickly toward crude production.
- Commercial oil reserves were discovered in Uganda a decade ago, but production has been delayed amid disputes over taxation and field development strategy.
- Uganda's energy minister says the companies, together with China's Cnooc (NYSE:CEO), are expected to invest $8B to develop the oil fields, which will involve drilling more than 500 oil wells and producing 200K-230K bbl/day of crude; the country's total oil assets are believed to contain ~6.5B barrels of crude.
Fri, Aug. 12, 11:19 AM
- Kenya is set to join the ranks of oil producing countries after its government approved plans to eventually extract as many as 4K bbl/day from newly discovered reserves.
- The plan has the potential to deliver as much as 2K bbl/day by H2 2017, according to Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY), which is undertaking the exploration.
- Tullow discovered oil in Kenya in 2012 and estimates the country contains 750M barrels of recoverable resources.
Wed, Jul. 27, 9:52 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says its new $4.9B TEN project off Ghana will produce its first crude in early August and gradually increase output to 80K bbl/day by year's end.
- Tullow says TEN will help offset lower output from its flagship Jubilee field off Ghana, which suffered technical problems on its FPSO vessel, which will allow the company to start deleveraging its balance sheet, CEO Aidan Heavey says.
- Tullow’s shares gained as much as 5.6% in London trading as the oil explorer reported H1 net income of $30M after a $68M loss in the year-ago period.
Wed, Jul. 27, 8:51 AM
Thu, Jun. 30, 10:48 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) warns that it will not hit its production targets for 2016 or 2017 because of continuing problems at its Jubilee field offshore Ghana.
- Tullow was forced to shut down the field in April after the ship it uses to produce and store the oil developed a problem with the turret system that keeps it anchored to the seabed; the problem is still not completely fixed, causing Tullow to lower its guidance for 2016 oil production to 62K-68K bbl/day from previous expectations for 73K-80K bbl/day, and to reduce its outlook for 2017 by an unspecified amount below the ~100K bbl/day it had forecast.
- However, Tullow says it is making strong progress on a long-term solution to the turret issue, and says Jubilee's production has stabilized with a gross rate in June of ~90K bbl/day of oil.
- Traders are taking comfort that the company appears to have a long-term solution for Jubilee, and shares are higher in London trading.
Thu, Apr. 28, 3:59 PM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says production at its flagship Jubilee field offshore Ghana will resume in the next few days, helping lift shares by more than 8% in London trading.
- Tullow halted Jubilee on March 20 after discovering a problem in a bearing on a turret, which is moored to the seabed and allows the FPSO vessel to rotate; production from the field fell to an average of 80.3K bbl/day in Q1, down from 102.6K last year, but the company now says the issue will not have a “material impact on future cash flow, due to the imminent resumption of production and appropriate insurance policies in place."
- Tullow also says it had secured a $3.5B loan facility based on its hydrocarbons reserves following a bi-annual review by banks; the previous loan facility agreed in October was for $3.7B.
Fri, Apr. 8, 9:15 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) confirms damage to production facilities at its Jubilee field offshore Ghana, but says it would not have a material impact on revenue.
- Tullow says the turret bearing has been damaged on a floating production storage and offloading at Jubilee and is unable to rotate, but oil production and gas export can continue under revised operating and off-take procedures.
- Restart of the field will be delayed by two weeks after the company said earlier that it expected the field to be back online by the weekend; Tullow says it will re-issue production guidance for the year once the new arrangements have stabilized.
Tue, Mar. 22, 6:06 PM
- For the first time in years, drillers are expected to add less oil from new fields in 2016 than they lose to natural decline in old ones, according to an analysis by Rystad Energy.
- New projects expected to generate ~3M bbl/day will come from new projects this year compared with 3.3M bbl/day lost from established fields, but the decline will outstrip new output by 1.2M bbl/day in 2017 as investment cuts made during the oil rout start to take effect on the way to a "very strong effect" by 2020, Rystad says.
- In the deepwater Gulf of Mexico this year, Shell (RDS.A, RDS.B) is scheduled to start the Stones project, with projects run by Noble Energy (NYSE:NBL) and Freeport McMoran (NYSE:FCX) also due to begin; Anadarko Petroleum (NYSE:APC) started the Heidelberg field in January.
- Eni (NYSE:E) commenced the Goliat field in the Arctic this month, Shell started producing from a new area of the BC-10 project in Brazil earlier this month, and Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) plans to begin output from the TEN field offshore Ghana this summer.
- Morgan Stanley estimates nine projects are in contention to get a green light this year, including BP’s Mad Dog Phase 2 in the Gulf of Mexico and Eni’s Zohr gas field in Egypt, yet Rystad believes these developments will not be enough to counter the natural decline in oil fields that are starting to suffer from lower investment.
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Wed, Mar. 16, 8:28 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) spikes as much as 4.5% in London trading after reporting “strong oil shows” from a test well in a largely untapped basin in Kenya.
- Tullow says it hit pay in the first well to test the Kerio Valley basin in northern Kenya, which Barclays analysts say vindicates the company's focus on the region during the last two years.
- Today's bounce makes up for part of the previous day's ~10% plunge, which came as Tullow declared force majeure on two cargoes from its Jubilee development offshore Ghana after deferring two liftings totaling 1.6M-plus barrels.
Wed, Feb. 10, 6:51 AM
- Tullow Oil (OTCPK:TUWLF): FY15 EPS of -$1.14
- Revenue of $1.61B (-27.1% Y/Y)
Wed, Jan. 13, 9:52 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says it expects to report $1.6B in revenue, $600M in gross profit and $1B in operating cash flow, all in line with market expectations, while incurring $900M in impairment charges when it reports full-year earnings next month.
- Tullow says its TEN project off the coast of Ghana, one of its major west African fields, is 80% complete and should begin producing oil this July or August.
- Looking ahead, Tullow sets its West Africa working interest oil production guidance at 73K-80K bbl/day, and cuts its 2016 planned capex to $1.1B from $1.7B last year while "looking at additional opportunities to reduce it further."
- Citi analyst Michael Alsford says Tullow’s balance sheet "remains a key concern, but... the company remains well hedged... [which] provides some protection against current weak oil prices.”
Mon, Jan. 11, 4:54 PM
- Hyperdynamics (NYSE:HDY) has initiated lawsuits against its partner drillers in Guinea, Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) and Dana Petroleum, claiming they took advantage of the company’s now-settled foreign corruption investigation to unjustly renege on their offshore drilling obligations.
- HDY alleges the pair took advantage of the probe to delay drilling activities and have continued dragging their feet after the issues have been resolved, and that the delays are putting in jeopardy the drilling of a well required by contract in September; HDY says if the drilling is not completed it would mean a loss of the entire concession, the company’s sole asset.
- HDY is asking a U.S. District Court for an injunction to force operator Tullow to resume drilling and files an arbitration request with the American Arbitration Association where it will seek further damages.
Dec. 15, 2015, 8:41 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says it found oil at its Etom-2 well in Block 13T in Kenya and sees further potential in other underexplored areas of the block.
- Tullow says the well encountered 335 ft. of net oil pay in two columns, which could increase the potential of the existing Etom discovery.
- Tullow has found ~2.3B barrels of resources in east Africa, with discoveries in Kenya and Uganda.
Nov. 9, 2015, 10:31 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) gains as much as 19% for the biggest advance in seven years in London trading after its partner in east African oil exploration, Africa Oil (OTCPK:AOIFF), sold stakes in some assets to Maersk Oil (OTCPK:AMKAF, OTCPK:AMKBY).
- Maersk reportedly will buy half of Africa Oil’s holdings in three onshore exploration licenses in Kenya and another two in Ethiopia, making an upfront payment of $365M, including exploration costs, and a further payment of as much as $480M contingent on the size of the resource after final appraisal and an agreed timetable for first oil.
- Analysts say the news reduces uncertainty about Tullow’s plans to build a pipeline that would take oil discoveries in Uganda and Kenya to export markets, as the Maersk deal shows that companies are willing to invest in east African discoveries before the pipeline route is finalized.