British oil company Tullow Oil revealed last week that while it will focus its exploration expertise on creating additional value from the company’s asset base, it is also limiting its exposure to capital in Guyana and Argentina.
In Ghana and Ivory Coast, 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 keen to limit its capital exposure while seeking to capitalize on its significant positions in both countries.
“Tullow also continues to focus on enhancing the substantial potential resource base in the emerging basins of Guyana and Argentina, while seeking to mitigate the capital exposure of historic labor commitments of (approximately) 50%. million US dollars in 2022, through farms, ”the company said in a statement in which it announced its half-year results for the six-month period ended June 30, 2021.
According to the company, this includes the Beebei-Potaro exploration well on the Kanuku block in Guyana that will target the prolific Cretaceous light oil field in the Guyana-Suriname basin, as well as a seismic acquisition on the MLO 122 block in Argentina.
A Reuters report said Tullow CEO Rahul Dhir told the news agency the company was also looking to reduce its exposure to Guyana.
“Tullow is just taking a step back. The overall strategy is to allocate more capital to our main production assets, so what we’re looking to do in Guyana, for example, is bring in partners and reduce our capital exposures, ”Dhir said.
The oil company, which operates in Africa and South America, reported net profit of US $ 92.7 million for the six-month period ended June 30, compared with a net loss of US $ 1.33 billion a year earlier. early – when it had booked write-offs and write-offs of $ 1.4. billion.
Revenue fell to $ 726.8 million from $ 731.0 million as lower production was partially offset by higher oil prices, he said.