Yesterday, 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.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
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
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.
Nov. 3, 2015, 10:38 AM
- Tullow Oil (OTCPK:TUWLF +15.2%) soars in London trading after Kosmos Energy (KOS +4.5%), its partner in the TEN offshore project in Ghana, says the two companies remained on track for first oil in Q3 of next year.
- KOS said yesterday that the project is 75% complete and remains on budget and on track; figures from the company also showed good production from Ghana’s Jubilee offshore field, Bloomberg reports.
- Tullow, which has made some of Africa’s largest oil discoveries in the last 10 years, operates the Jubilee field.
Oct. 5, 2015, 5:34 PM
- Standard & Poor's says it has taken rating actions on 14 European oil and gas E&P companies, mostly reflecting weak debt coverage measures and sometimes material negative discretionary cash flow after capex and dividends.
- S&P downgrades Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) to B+ from BB- and EnQuest (OTC:ENQUF) to B from B+, with a negative outlook for both companies.
- The ratings agency lowered outlooks for BP, Eni (NYSE:E), Repsol (OTCQX:REPYF,OTCQX:REPYY) and Statoil (NYSE:STO) to negative.
- Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT) are affirmed with AA-/A-1+ corporate credit ratings and negative outlooks.
Oct. 1, 2015, 8:10 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) surges by as much as 12% in London trading after saying its credit lines remain unchanged at $3.7B (€3.3B) following redetermination talks with lenders, a move the company says shows the continued support of lenders during a period of low oil prices.
- Analysts say the news is positive because there is a risk in the current market that banks will reduce lending capacity as they take a more cautious view on crude oil prices.
- Tullow says it is fully funded to meet all existing commitments including the ongoing investment in the TEN development in Ghana, which remains on schedule to deliver first oil and additional cash flow in mid-2016.
- Shares in Tullow fell more than 50% to six-year lows in Q3 amid falling oil prices and fears about the strength of the global economy; the company’s net debt stood at $3.6B in H1, equivalent to 94% of its total equity.
Aug. 10, 2015, 5:53 PM
- Kenya and Uganda reach agreement on the route of a planned oil pipeline to the Indian Ocean, ending months of debate on the link that will export crude from companies including Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY).
- The planned $4.5B, 930-mile pipeline will allow Tullow to start exports from joint ventures with Total (NYSE:TOT) and Africa Oil; China’s Cnooc (NYSE:CEO) also is a partner in Uganda.
- While oil was discovered in Uganda in 2006 and four years later in Kenya, both are still in the planning stage of commercial development; Uganda has estimated oil finds of 6.5B barrels and Kenya at 600M barrels.
Jul. 20, 2015, 9:35 AM
- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) tumbles to nine-year lows in London trading after saying it would review its 2015 production forecast, as technical issues at its Jubilee field in Ghana have constrained production and caused the suspension of oil exports.
- Production at Jubilee, which accounts for the bulk of Tullow's oil output, is down 38% at 65K bbl/day of oil.
- Deutsche Bank analysts say the news represents a ~2% downside to 2015 production guidance of 75K boe/day, assuming the problem is resolved on time.
Jul. 1, 2015, 2:59 PM
- Seventeen oil companies, including South African petrochemical company Sasol (NYSE:SSL) and U.K.'s Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY), have been selected by Uganda's government to bid for six exploration blocks in the country’s first competitive oil bidding program.
- The contracts for the blocks will be awarded this year, with the companies going forward from the second round to be announced in August.
- The blocks on offer lie along Uganda’s western border with Congo and include at least four lucrative discoveries, relinquished by the existing oil companies this year.
- Last week, Uganda resolved a long standing tax dispute with Tullow, and observers believe energy development in the country will now move faster after years of delays.
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Sector: Basic Materials
Industry: Electric Utilities
Country: United Kingdom
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