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Tullow Oil strikes multiple deals in sweeping capital overhaul
Reuters· 2026-02-20 08:04
Group 1 - Tullow Oil has entered refinancing deals with Glencore and holders of approximately two-thirds of its $1.3 billion senior secured notes, extending debt maturities to November 2028 [1] - The company has reached an agreement with the Ghana government to extend its West Cape Three Points and Deep Water Tano Petroleum agreements [1] - These refinancing efforts aim to stabilize Tullow's capital structure and align it with anticipated operational catalysts and potential reserve additions by 2026 [1] Group 2 - Tullow Oil has agreed to purchase the Floating Production, Storage, and Offloading vessel for Ghana's TEN oilfields for $205 million, which is expected to reduce fixed costs and enhance long-term cash flow [1] - The deals are part of Tullow's strategy to streamline operations across its West African portfolio amid increasing debt and delayed payments from the Ghana government [1]