• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Tullow Oil projects $265 million capex for 2021; $140 million to come to Ghana

4 years ago
in Energy, highlights, Home, home-news, latest News, Uncategorized
2 min read
0 0
0
89
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Multinational oil and gas exploration company, Tullow Oil, has projected a total capital expenditure (capex) of $265 million for the 2021 fiscal year.

The capex amount Tullow Oil indicated, would largely be directed at maximising value from the Group’s producing assets.

Some $140 million of the capex according to Tullow Oil’s 2020 Financial Statement will be spent on its assets in Ghana which primarily will be associated with the reinstatement of its multi‐year, multi‐well drilling programme for 2021.

Aside the $140 million capex for Ghana, capex for Kenya for the year under review stands at $65 million with non-operated capex for West Africa being $60 million.

In 2020, Tullow Oil’s capital expenditure amounted to $288 million – a decrease from $490 million in 2019 – with $206 million invested in development activities and $82 million invested in exploration and appraisal activities. This includes $7 million of capital expenditure associated with Uganda which was reimbursed by Total on completion of the Uganda Transaction.

According to the oil giant, its West Africa oil assets performed in line with expectations delivering an average working interest oil production of 74,900 bopd – although that was a 12 percentage points decrease from the 84,880 bopd recorded for 2019.

“The decrease resulted from field decline and water cut in Ghana, partially offset by higher uptime on Jubilee. There have also been OPEC+ enforced production cuts impacting certain Gabon fields,” stated Tullow.

RelatedPosts

BoG Ups FX Forward Auction to $208m Amid Cedi Pressures

Headline Inflation Falls to 11.5% in August, Beating Gov’t’s 11.9% End-Year Target

GNCCI Urges Government to Stabilise Exchange Rate to Safeguard Growth

Adding its 2021 oil production is expected to average between 60,000 and 66,000 bopd.

Tullow Oil Ghana operations

Tullow said the effects of the COVID‐19 pandemic on its operations have been managed safely across the business with no impact on Ghana production.

This it pointed out has been achieved in close cooperation with the Government of Ghana that have enabled effective testing and quarantine measures to be put in place.

However, this increased the net cost of operations by $10 million in 2020.

Both fields in Ghana it noted performed in line with expectations in 2020, with the Jubilee field averaging 83,600 barrels of oil per day and the TEN field averaging 48,700 barrels of oil per day.

“This production erformance was supported by increased and sustained gas offtake nominations from the government of Ghana, approval from the Ministry of Energy to increase flaring, higher than forecast facility up from 95% at both FPSOs and improved well optimization and water injection facility performance on the Jubilee FPSO,” Tullow emphasized.

Source: norvanreports
Tags: $265 million2020 financial statementcapital expenditure (capex)COVID‐19 pandemicTullow OilWest Africa oil assets
No Result
View All Result

Highlights

BoG’s New FX Rules Offer Short-Term Stability but Risk Repeating Nigeria, Kenya Mistakes if FX Controls Persist – Dr. Dumanya

Government Cuts Black Stars Budget by Over $732,000 for Upcoming World Cup Qualifiers Against Chad and Mali

Africa’s Road to the 2026 World Cup Heats Up As Qualifiers Resume Today

US Open: Alcaraz Advances to Semifinals; Sabalenka Set for Rematch with Pegula

GSE Composite Index Dips as MTNGH Extends Decline; TOTAL Posts First Gain in Over a Month

Chamber of Mines Pushes for Longer Stability Agreements to Safeguard Ghana’s Mining Competitiveness

Trending

Business

BoG Ups FX Forward Auction to $208m Amid Cedi Pressures

September 3, 2025

BoG Ups FX Forward Auction to $208m Amid Cedi Pressures The Bank of Ghana (BoG) has stepped...

Headline Inflation Falls to 11.5% in August, Beating Gov’t’s 11.9% End-Year Target

September 3, 2025

GNCCI Urges Government to Stabilise Exchange Rate to Safeguard Growth

September 3, 2025

BoG’s New FX Rules Offer Short-Term Stability but Risk Repeating Nigeria, Kenya Mistakes if FX Controls Persist – Dr. Dumanya

September 3, 2025

Government Cuts Black Stars Budget by Over $732,000 for Upcoming World Cup Qualifiers Against Chad and Mali

September 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.