Tullow Looks to Sell a Piece of TEN

Companies looking to get in on a sure thing in West Africa should take a look at Tullow Oil’s TEN development. The Irish independent is said to be looking at selling a piece of its stake in the project, located on Ghana’s Deepwater Tano Block, once government approval is received on the plan of development (PoD).

Tullow chief executive Aidan Heavey told Dow Jones Newswire that the company had already been approached by buyers for TEN, he declined to name those potential buyers however.

"It's a sellers market, we have a lot of interest, but we're very well financed so we have no pressure and no target date," he said in a telephone interview.

The TEN development, made up of the Tweneboa, Enyenra, and the Ntomme discoveries, culminated in the Declaration of Commerciality and the PoD being submitted to the Minister of Energy in November 2012. The current estimated capex cost for the base development plan, which includes around 23 injection and production wells, and excludes FPSO lease costs, is around $4.5 billion. First production is expected within 36 months.

The proceeds from the sale of part of Tullow's 50% stake will help to fund the company’s exploration in projects in Africa and elsewhere.

Kosmos Energy, Anadarko Petroleum Corp., South Africa's Petro SA and Ghana National Petroleum Corp. are also partners in the TEN project.

http://www.tullowoil.com/

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