Tullow Oil plc has signed a gross $205 (£152m) million sale and purchase agreement for the floating production, storage and offloading vessel (FPSO), Prof. John Evans Atta Mills.
COSTS
Payment of transaction, signed on behalf of the company’s joint venture partners, will be paid on completion at the end of the first quarter of 2027.
Net cost to Tullow will be $125.6m (£93m).
The FPSO is the production facility for the TEN fields on the Deep Water Tano block, offshore Ghana.
Tullow said the acquisition would optimise production, reduce fixed costs and create additional free cash flow.
The company also received ratification for a time extension to West Cape Three Points and Deep Water Tano petroleum agreements, covering the Jubilee and TEN fields in Ghana, to 31 December 2040.
Tullow’s drilling plans for Jubilee includes four additional wells, with production improvements through multi‑phase pumps.