Tullow Oil has signed a sale and purchase agreement to acquire the floating production, storage and offloading vessel (FPSO) Prof. John Evans Atta Mills for $205 million…
Tullow Oil has signed a sale and purchase agreement to acquire the floating production, storage and offloading vessel (FPSO) Prof. John Evans Atta Mills for $205 million, as Ghana ratified extensions to key petroleum agreements covering the Jubilee and TEN fields.
Tullow’s wholly-owned subsidiary Tullow Ghana Limited (TGL), on behalf of itself and its joint venture partners, signed the agreement with T.E.N. Ghana MV25 BV to acquire the FPSO for a gross consideration of $205 million, equivalent to about $125.6 million net to Tullow. The payment will be made upon completion at the end of the first quarter of 2027.
The FPSO serves as the production facility for the TEN fields on the Deep Water Tano Block offshore Ghana. Following completion, Tullow intends to maximize operational synergies with the adjacent Jubilee field and drive further cost efficiencies to support longer-term development of both assets.
“This value accretive transaction is another important milestone for Tullow, in line with our strategic priority to optimize production activities and deliver improved economics as we leverage our operational expertise.
“The acquisition of the FPSO will deliver material cost savings by removing the annual lease cost and resetting our fixed costs at the TEN fields. By extending
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