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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.”

 

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Contacts

Tullow Investor Relations Camarco (Media)

ir@tullowoil.com
Matthew Evans
Rob Hayward

(+44 20 3757 4980)
Billy Clegg
Georgia Edmonds
Rebecca Waterworth

Notes to editors

Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. The Company's operations are focused on its West-African producing assets in Ghana, Gabon and Côte d’Ivoire, alongside a material discovered resource base in Kenya. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030 and has a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghana stock exchanges (symbol: TLW).For further information, please refer to our website at www.tullowoil.com

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