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Tullow Oil PLC - oil and gas producer in Ghana, Gabon and Ivory Coast - Agrees amendment to interim gas sales agreement in Ghana, which is valued at USD2.90 per million British thermal units. The agreement will continue to the end of the current quarter. "An agreement on acceptable commercial terms for export of future long-term volumes of Jubilee and TEN gas is in progress for completion by that time," Tullow says, referring to its production fields offshore Ghana. It notes that current export volumes are about 100 million standard cubic feet per day.
"This amendment highlights the positive deliberations and collaboration with the government of Ghana and our joint venture partners," comments Wissam Al-Monthiry, Tullow's managing director in Ghana. "Significant progress has been made and we look forward to continuing our discussions to secure a long-term gas sales agreement in Ghana, which will be an important catalyst for future investment and provide a long-term source of competitively priced energy for Ghana."
Current stock price: 34.14 pence
12-month change: down 32%
By Tom Waite, Alliance News editor
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