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TOTAL would be the most practical suitor.
However, CNOOC could easily step into the picture (as they did with Nexen in 2012). Catalysts below:
- In 2009, CNOOC tried to purchase Kosmos stake in the Jubilee field for US $5B. Hence, they know the asset well and have made an offer to buy part of the field before.
- CNOOC already has interest in Uganda. An acquisition would enhance their current stake and broaden their position in East Africa (via Kenya).
- CNOOC already is partnered with Exxon in Guyana (Stabroek). Acquisition would further enhance their profile in one of the hottest basins in the world. What E&P wouldn't want Guyana in their upstream portfolio?
- CNOOC will see TLW as an opportunity to enhance their internal capabilities. Irrespective of the recent turmoil - TLW is still widely viewed by industry as on the of best frontier explorers. Operations and development - not so much...
IMPORTANT: Given trade tensions between the US and China, its unlikely CNOOC would be able to acquire a mid-cap U.S. E&P and obtain the necessary regulatory approval. Or, an international E&P who holds strategic assets in the U.S. - of which TLW has nil.
CNOOC buying TLW is a stretch - but, a possibility. The obvious suitor would clearly be TOTAL.
Perhaps this is another reason why (I personally believe) TOTAL will move with speed and be aggressive. They don't want to give too much time for other suitors (such as CNOOC) to contemplate making an offer on TLW. IMHO...
Bidding war for the assets would be good !
I was mentioning Total would be the most likely but not only suitor. ....
Interesting times the city only needs a sniff this is credible and the sp will explode
Oil_Run
How did you get to 400p per share ?
All that tells me is guyana is the cheapest by far so if we strike carapa we are quids in..
Project Break-evens: 50 Top Offshore Developments & Shale Plays: Slide 20
Source: https://investors.hess.com/static-files/02315a35-fe12-475b-82d1-0760c99e26a3
Where does Jubilee rank in terms top 50 global offshore developments and shale plays? According to Rystad Energy (as of early 2019), Jubilee ranks 2nd in terms of project break-evens. TEN is also up there as well.
Liza (Exxon, Guyana) holds the number 1 position - but, may have a future challenger in Carapa...
Reiterate - TOTAL buy-out: 400p.
Source: https://investors.hess.com/static-files/02315a35-fe12-475b-82d1-0760c99e26a3
Depends what share price they come up with as I am in the hole as a lot of people
You wouldn't want to out of this over the weekend! Blue skies all next week!
Total to be named new owner of Tullow Ghana and operator of Jubilee Oilfield
Dec 12, 2019
Information gathered by News-Guide-Africa is that, Tullow Oil Ghana (Operator of Jubilee Oilfield) is in search of a new owner in Ghana with the most probable being Total Oil - the French giant, whose operations overlap all of Tullow’s assets...
...According to experts, it is imperative that the government of Ghana has emergency meetings with the top echelon of Tullow to discuss: the quantum of investment needed in Greater Jubilee to sustain production average of 100+ kbbl/d levels; Tullow’s ability to meet cash calls for further development drilling giving their balance sheet challenges; and Tullow Oil Plc giving the Ghana business - Tullow Ghana Limited - the autonomy needed to properly manage the Jubilee and TEN assets as against driving these businesses to provide, at any cost, the needed cash flows to sustain Tullow Oil Plc’s ambitions in Guyana and in East Africa.
Source: www.newsguideafrica.com/2019/12/total-to-be-named-new-owner-of-tullow.html