Tullow Oil announces it aims to generate around $7 billion in profits over the next ten years by expanding its Ghanaian business. Although it currently has significant debt since 2019, it hopes to pay the debt and regain the confidence of investors in the company.
The company said it had produced 400 million barrels of oil out of the 2.9 billion barrels of reserves on its Ghanaian oil fields, which is an exploitation rate of 14%. The figures imply that Tullow still has a large margin regarding its future operations in Ghana.
The Chief Executive Officer of Tullow Oil, Rahul Dhir said, “Assuming that the price of oil climbs to $ 45 per barrel in 2021 and to $ 55 from 2022 and with more than 90% of future capital spending concentrated on the group’s production assets in Africa. “West, the company expects to generate approximately $ 7 billion in operating cash flow over the next 10 years.”
CAMEROON ISSUES CALL FOR TENDERS
Cameroon has issued a call for tenders for the importation of Liquefied Petroleum Gas (LPG) for 2021. The commission in charge of petroleum product imports – The CIPP, has asked companies with the authorisation to import to submit competitive bids for the importation of 120,000 metric tons (MT) to be considered for government’s approval.
The volume would cover the country’s demand for the 2021 fiscal year as the imported volume is 4% higher than the 115,000 metric tons of LPG imported in 2019.
The bids will be open from December 1st 2020, at the Hydrocarbon Price Stabilisation Fund’s (CSPH) headquarters in Yaoundé. The product is to be in three batches: 60,000 MT, 35,000 MT and 25,000 MT.