(WO) – Tullow Oil has signed a sale and buy settlement to accumulate the floating manufacturing, storage and offloading (FPSO) vessel serving the TEN fields on the Deepwater Tano block offshore Ghana, in a transfer aimed toward lowering prices and enhancing long-term subject economics.Â
The settlement, executed by Tullow Ghana Restricted on behalf of the TEN three way partnership, supplies for the acquisition of the FPSO Prof. John Evans Atta Mills for a gross consideration of $205 million, equal to roughly $125.6 million internet to Tullow. Completion is anticipated on the finish of first-quarter 2027, topic to regulatory approvals and customary situations.
The FPSO is the manufacturing facility for the TEN fields, the place Tullow is operator alongside companions Ghana Nationwide Petroleum Company (GNPC), GNPC Explorco, Kosmos Vitality and PetroSA.
Tullow mentioned the acquisition will get rid of annual lease funds and decrease fastened working prices at TEN, supporting improved free money circulate past 2027. The corporate expects to fund its share of the acquisition worth from in-year money circulate generated by the TEN asset.
The transaction additionally is anticipated to reinforce operational synergies with the close by Jubilee subject, the place Tullow is co-operator, because the partnership continues to advance long-term improvement plans offshore Ghana.
Firm executives described the FPSO buy as a part of Tullow’s broader technique to optimize manufacturing, strengthen asset economics and prolong the financial lifetime of its West African offshore portfolio.
The FPSO transaction follows latest developments throughout the TEN and Jubilee partnership. Earlier this week, associate Kosmos Vitality confirmed Ghana’s parliamentary ratification of license extensions for the Jubilee and TEN fields via 2040, alongside ongoing drilling and manufacturing development throughout the belongings.
