“The wider refinancing continues, and while the overall cost of the debt has increased, the maturity of the debt has been extended, which takes pressure off the balance sheet in the near term,” Kelty said.
Dhir said the Glencore debt and Tullow’s cash, in addition to $800mn of free cash flow from 2023 to 2025, would “allow us to fully address all outstanding 2025 notes”.
“Without energy, there is no life. Today, we are doing everything we can to ensure that the African Energy Bank becomes a reality by June 30, 2024,” the Benin minister said.
“This triumph augments our confidence in other prospects across the nation,” he said. He singled out the potential of further investments in Tullow’s TEN project.
The Jubilee field averaged 80,800 bpd in the fourth quarter of 2022. It fell in the first quarter of reduced water injection. Kosmos Energy reported previously that JSE would increase Jubilee to more than 110,000 bpd by the end of 2023.
The Prempeh letter was reported as saying that the offer to PetroSA was “scandalous” and that GNPC chairman Freddie Blay should “cease and desist immediately” from such offers. Blay had “totally ignored the wider interests” of Ghana, the minister said.
“The first well in the main field is starting up shortly. The build up to 110,000 bpd is clearly laid out and the activity set is on plan. The well rates are consistent – and slightly ahead of pre-drill estimates.”
PIAC reported that total petroleum revenues to the government reached $1.43 billion in 2022, the highest on record. However, production declined to 51.76 million barrels in the year, around 142,000 barrels per day, down 6% from 2021.
Amoah said the company had faced “significant challenges” at its project. “We have shown once again our resilience and unflinching commitment to the project."
The tanker Theseus offloaded its cargo of Russian crude into storage tanks at Ghana’s Tema oil refinery over the weekend, after being anchored full off the port since Feb. 24 as it awaited permission to dock.
“We do not support any arrangement that disadvantages our people. In the current set up, our Nzema community bears the risk of losing its land. However, it has no upside and no guarantee of future and ongoing royalties or profits for Nzema.”
In Cote d’Ivoire, the independent is planning to drill an exploration well in 2024 on CI-524. The company has also secured a new licence in the country, CI-803, where it sees insights from its Tano Basin knowledge.
While Aker Energy has attributed delays at Pecan to Lukoil, the company has faced other problems. The company’s first plan was seen as overly aggressive and politically unpalatable, forcing it to rethink development.
“With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders.”
Tullow Oil is seeking arbitration over $387 million in tax assessments it received from Ghana, part of the cash-strapped government’s review of past payments by some of the West African nation’s largest companies.
Asante commented that the plant would help supply gas in a cost effective fashion, securing a “reliable supply of gas and derivatives” in Ghana and beyond.
Treasury has estimated it could “result in around $6 billion in annual savings for the 17 largest net oil-importing African countries. We are seeing examples of emerging markets saving even more by using the price cap to negotiate steeper discounts with Russia. And we encourage more countries to do the same.”
Tullow Oil expects to begin drilling wells on Jubilee South East this quarter, with the aim of boosting production beyond 100,000 barrels per day in 2025.