Tullow recent updates …29 Sep 2021 12:50
As part of their visit to Ghana, the leadership of Tullow Oil Plc led by CEO Rahul Dhir paid a courtesy call on the Ghana Stock Exchange on Monday 27th September 2021 at the Cedi House in Accra. The Chief Executive Officer of the Exchange, Mr. Ekow Afedzie welcomed and thanked Tullow for its support to the Exchange over the last 10 years. Mr. Afedzie emphasised the fact that Tullow is one of the flagship equity on the Exchange. He shared the journey of the Exchange which is now 30 years and the plans for the future, including taking the Exchange from a frontier to emerging exchange.
Tullow CEO, Rahul Dhir also shared with the Exchange Tullow’s renewed Corporate Strategy which entails producing from existing fields and unlocking value from near-field opportunities. He said that this is a new Tullow with a new direction focused on investing significant amount of its capital on existing producing assets to derive the most amount of value. Mr. Afedzie said, with oil prices on the rise, we expect to see an interest in the value of Tullow stock on the exchange going up.
Rahul emphasised that the Jubilee partners are committed to executing the Ghana Value Maximisation Plan which entails investing over US$4 billion in Ghana over the next ten (10) years. In the first year of the implementation of the plan, 2021, Tullow reported that three (3) wells have been successfully drilled and completed in the Jubilee field, adding an additional 8,000 barrels of oil per day to production. The company, following its refinancing programme in May 2021, is now in a strong position to execute the Ghana Value Maximisation plan. He also talked about Tullow’s decision to focus on producing oil in a safe and environmentally sustainable way.
The delegation comprised the Senior Leadership Team (SLT) of Tullow Oil Plc which included Chief Executive Officer Rahul Dhir, Chief Finance Officer Les Wood, General Counsel Mike Walsh and Director, People and Sustainability Julia Ross as well as the leadership of Tullow Ghana represented by Managing Director for Ghana, Wissam Al Monthiry, also an SLT member, and Deputy Managing Director for Ghana, Cynthia Lumor.
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