Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar
Tullow to resume Gabon expansion
The debt-burdened firm’s fortunes appear to be turning
Anglo-Irish independent Tullow Oil’s efforts to bolster its balance sheet appear to be succeeding, as the firm is poised to resume previously deferred expansion works in Gabon. Tullow’s sale of its Gabonese Dussafu Marin permit and its assets in Equatorial Guinea allowed cash to be “re-allocated to accelerate the Simba expansion development in Gabon”, the company says. Work is due to start this quarter and is expected to boost 2021-2022 production. Tullow describes the project as “low-risk, high return”. CEO Rahul Dhir also cites “improved market conditions” as contributing to “operational and financial progress” and says the firm will continue to reduce its debt. $30/bl – Previously s
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