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Tullow to Start Talks on Selling Ghanaian TEN Project

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LONDON - U.K.-listed exploration-focused oil and gas company Tullow PLC is aiming to begin talks on selling part of the TEN oil project in Ghana once it gets government approval, which is expected this quarter, for the $4.5 billion development plan, the company's senior management told Dow Jones Newswires Wednesday.

The proceeds from the sale of part of Tullow's 50% stake in the Tweneboa-Enyenra-Ntomme oil project off the coast of Ghana will help to fund the company's further exploration in projects in Africa and elsewhere.

Tullow Chief Executive Aidan Heavey said Tullow had already been approached by buyers for TEN, but he declined to name companies or give a timeframe for the sale.

"It's a sellers market, we have a lot of interest, but we're very well financed so we have no pressure and no target date," he said in a telephone interview.

First production from the TEN project is expected to be within 32 and 36 months after government approval of the $4.5 billion development plan, which Tullow submitted late last year and which includes around 23 injection and production wells and aims to be producing about 80,000 barrels a day of oil.

Kosmos Energy, Anadarko Petroleum Corp., South Africa's Petro SA and Ghana National Petroleum Corp. are also partners in the TEN project.

Separately, Tullow's Chief Financial Officer Ian Springett Wednesday said the company aimed to open a data room in early April for the U.K. and Dutch assets it is selling and hopes to finalize a sale before the end of this year.
 

 

Copyright (c) 2012 Dow Jones & Company, Inc.

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