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Tullow Oil to divest interest in Orinduik License to Eco Guyana Oil and Gas

2 years ago
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Tullow Oil to divest interest in Orinduik License to Eco Guyana Oil and Gas

Tullow Oil has unveiled a transaction that entails the sale of its entire interest in Tullow Guyana.

The deal also involves the transfer of Tullow’s 60% operated equity stake in the Orinduik license in Guyana to Eco Guyana Oil and Gas Limited. The strategic step by Tullow strikes a balance between upfront cash consideration and forward-looking contingent elements.

Tullow’s strategic decision to divest its involvement in the Orinduik license reflects a calibrated alignment with its overarching strategy.

The company is setting its compass on optimizing returns from production assets located in Africa while steering resources toward exploration underscored by infrastructure, particularly within established production hubs.

The divestiture stands as a deliberate stride toward unlocking latent value residing in emerging basins. A salient aspect of this development is Tullow’s astute preservation of exposure to potential accomplishments within the region.

Key Highlights of the Transaction:

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  • The transaction precipitates an immediate cash infusion of US$700,000 to Tullow Overseas Holdings B.V. upon the successful transition of TGBV’s 60% equity stake and operational management of the Orinduik license to Eco. This infusion is conditioned upon the transaction’s effective culmination.

 

  • The broader transaction envelope encompasses an array of contingent considerations, interlinked with prospective milestones:
    • A payment of US$4 million upon a successful identification of a commercially viable discovery.
    • An additional outlay of US$10 million earmarked for the issuance of a production license by the Government of Guyana.
    • Subsequent royalty disbursements, pegged at 1.75% of the 60% working interest entitlement revenue. This calculus takes into account capital outlay and lifting costs for future production.

 

  • The transaction’s consummation, including the stipulated upfront cash transfer, hinges on market-standard conditions precedent. Among these are regulatory approvals garnered from governmental authorities and the endorsement of joint venture partners.

 

  • The financial infusion resulting from this divestiture is slated to bolster Tullow’s general corporate objectives.

 

  • The timeline envisaged for the transaction’s culmination is earmarked for the latter part of 2023.

This strategic move propels Tullow Oil into a dynamic phase of realignment, crystallizing its intent to extract optimum returns from production assets, while holding a strategic stake in potential achievements stemming from the Orinduik region’s evolving landscape.

Tags: Eco Guyana Oil and GasTullow OilTullow Oil to divest interest in Orinduik License to Eco Guyana Oil and Gas
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