Tullow Oil PLC Amendment to Interim Gas Sales Agreement (1099I)
August 03 2023 - 2:00AM
UK Regulatory
TIDMTLW
RNS Number : 1099I
Tullow Oil PLC
03 August 2023
TULLOW OIL PLC
Ghana update: Amendment to Interim Gas Sales Agreement
3 August 2023 - Tullow is pleased to announce, alongside its
joint venture partners, that it has agreed an amendment to the
Interim Gas Sales Agreement in Ghana. The amended agreement is
valued at $2.90/mmbtu, utilising the price for Jubilee gas
referenced in the 2017 Jubilee Plan of Development.
This agreement is expected to continue until the end of the
third quarter of 2023. 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.
Current export volumes are c.100 mmscf/d. The pricing remains
lower than the weighted average price of other sources of gas in
Ghana, underscoring Tullow's commitment to the economic development
of its host nation.
Wissam Al-Monthiry, Ghana Managing Director, commented
today:
"This amendment highlights the positive deliberations and
collaboration with the Government of Ghana and our joint venture
partners. 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."
- ENDS -
CONTACTS
Tullow Oil plc (Investors) Camarco (Media)
(London) (London)
ir@tullowoil.com (+44 20 3757 4986)
Nicola Rogers Billy Clegg
Matthew Evans Georgia Edmonds
Rebecca Waterworth
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Notes to editors
Tullow is an independent oil & gas, exploration and
production group which is quoted on the London and Ghanaian stock
exchanges (symbol: TLW). The Group has interests in over 30
licences across eight countries. In March 2021, Tullow committed to
becoming Net Zero on its Scope 1 and 2 emissions by 2030. For
further information, please refer to our website at
www.tullowoil.com .
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END
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