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Tullow to invest $400 million in Ghana project
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Tullow Oil plans to invest $400 million this year, mainly on its flagship fields in Ghana, the independent oil and gas exploration and production group announced this on Wednesday.
Forecasting its capital expenditure for this year, Tullow said it would invest $300 million in Ghana, $40 million in Gabon, $20 million in Côte d’Ivoire, $10 million in Kenya and $30 million on exploration and appraisal activities.
The company expects free cash flow to come in at $100 million at an oil price of $80 a barrel, or twice that at $100 a barrel, unchanged from previous guidance.
For 2022, free cash flow came in at $267 million, up from $245 million in 2021 and in line with forecasts.
Expatiating on the 2023 outlook for Ghana, Tullow said “completion of Jubilee South East infrastructure in the first half of 2023 will mark the end of the current major infrastructure spend on Jubilee.”
Gross production from Jubilee expected to increase to over 100 kbopd with four new wells at Jubilee South East and a further Jubilee producer onstream later this year.
Tullow forecast decommissioning expenditure of $90 million in the UK and Mauritania, with a further $20 million placed into escrow funds for future decommissioning in Ghana and parts of the non-operated portfolio.
“Decommissioning expenditure is weighted more than 80 per cent to the first half of the year,” Tullow said.
According to the oil company, Jubilee FPSO operations and maintenance (O&M) costs were expected to be 23 per cent lower than in 2021, following O&M transformation undertaken in 2022.
Tullow said it plan to go into a long-term gas sales agreement with the Government of Ghana covering both Jubilee and TEN fields.
Commenting, Mr. Rahul Dhir, Chief Executive Officer, Tullow Oil plc said: “2022 saw Tullow successfully deliver against our business plan.
“A high focus on cost control and a disciplined approach to operational efficiency have driven a very strong performance for the year, with group production in line with guidance and expectations, delivering free cash flow of $267 million, lowering net debt to $1.9 billion and reducing cash gearing to 1.3x net debt to EBITDAX.”
He said, “looking ahead, we have multiple catalysts to deliver further profitable growth. There is strong momentum across the portfolio with the commissioning of Jubilee South East on track for the second half of 2023, bringing undeveloped reserves online and Jubilee gross production to more than 100 kbopd before the end of the year.
“Engagements to secure a strategic partner for the Kenya development project continue and we are preparing a plan of development to monetise the remaining resources at TEN.
“We have created a unique platform of assets and capability, including industry leading safety performance, which positions us strongly to create significant value for all our stakeholders.”
Lawyers for former NAFCO Chief Executive Officer, Hanan Abdul-Wahab Aludiba, say they will file an appeal despite a High Court directive for the Attorney General to amend two counts of defrauding by false pretences in the ongoing case.
The court on Wednesday ordered the AG to amend the two charges in the case involving the former NAFCO CEO and co-accused, Faiza Seidu Wuni.
Reacting to the ruling, counsel for Hanan Aludiba, Godfred Yeboah Dame, expressed dissatisfaction with the decision.
“Even though they’ve been ordered to amend some of the charges, we’ll still file an appeal. I think the decision was not so sound,” he said.
The case is part of ongoing prosecutions linked to alleged financial irregularities at the National Food Buffer Stock Company (NAFCO).
The High Court’s directive means the prosecution will have to revise aspects of the charge sheet before the trial proceeds further.
Background
Counsel for former NAFCO CEO Hanan Abdul-Wahab Aludiba, led by Godfred Yeboah Dame, filed an application seeking to have the charges against their client dismissed.
They contend the charges are fundamentally flawed and violate his right to a fair trial.
The State, represented by Deputy Attorney General Dr. Justice Srem-Sai, opposed the application, maintaining that the charges are valid and that the accused ought to face trial.
Lawyers for Hanan’s wife, Faiza Seidu Wuni, led by Augustine Obour, who would also benefit if the application succeeded, yielded their time to the lead counsel for the first accused.
By Edem Mensah-Tsotorme
News
High Court rejects dismissal request in NAFCO Case, orders prosecution to amend 2 of 16 Charges Against former CEO
The High Court has declined a request by lead counsel for former National Food Buffer Stock Company (NAFCO) Chief Executive Officer, Hanan Abdul-Wahab Aludiba, to dismiss charges against him, but has directed the Attorney General to amend two of the 16 counts filed against him.
Presiding Judge, Justice Francis Apangabonu Achibonga, a Justice of the Court of Appeal sitting with additional responsibility as a High Court judge, ruled today that while the prosecution must revise Counts 9 and 14, the trial will proceed on all charges.
This means the trial of the couple will continue on a combined 20 counts.
Hanan Abdul-Wahab Aludiba is facing 16 counts, while his wife, Faiza Seidu Wuni, is facing 4 counts. Both pleaded not guilty on May 18, 2026 and are currently on bail.
Godfred Yeboah Dame, former Attorney General and lead counsel for the first accused, had argued for the dismissal of the charges. Reacting after the ruling, he said the decision was not sound and indicated plans to file an appeal.
“Even though they’ve been ordered to amend some of the charges, we’ll still file an appeal. I think the decision was not so sound,” he stated.
Augustines Obuor is lead counsel for the second accused, Faiza Seidu Wuni, whiles the Republic was represented by Dr. Justice Srem-Sai, Deputy Attorney General.
The case relates to alleged financial irregularities at NAFCO and is being closely watched as part of government’s efforts to hold public officials accountable.
The court has directed the prosecution to effect the amendments to Counts 9 and 14 before the trial proceeds further.
By Edem Mensah-Tsotorme
