UK oil company Tullow Oil last week disclosed that while it will be focussing its exploration expertise on unlocking additional value from the company’s asset base, it is also limiting its capital exposure in Guyana and Argentina.
In Ghana and Côte d’Ivoire, Tullow’s team is maturing prospects around the TEN FPSO and subsea infrastructure as well as in the adjacent block, CI-524. 4. However, in the emerging basins of Guyana and Argentina, Tullow is focused on limiting its capital exposure while also seeking to capitalise on its significant positions in both countries.
“Tullow also continues to focus on unlocking value from the substantial prospective resource base in the emerging basins of Guyana and Argentina, while seeking to mitigate capital exposure from historical work commitments of (around) US$50 million in 2022, through farm-downs,” the company said in a statement in which it announced its Half Year results for the six months ended 30 June 2021.
