Tullow Oil is planning to invest $250 million in Ghana to expand its operations

The Group Chief Executive (GCE) of Tullow Oil, Paul Mcdade says the company plans to invest $250 million in Ghana this year to expand its operations in the country.

Tullow Oil is planning to invest $250 million in Ghana to expand its operations

The strategy according to the GCE is to help the company explore further in Ghana both around its current assets and in new license via Ghana’s inaugural Licensing Bid Round.

“We are keen to grow our business in Ghana and look forward to higher production and increased resources at Jubilee and TEN and the results of the on-going Licensing Bid Round,” he said.

Tullow Oil has also adopted a new dividend policy to pay shareholders at least $100 million annually.

For the first time in four years, the company announced that it has paid US$67 million as dividend to its shareholders for the year 2018,

Mr Mcdade said the decision to now pay dividend annually was because of the company’s strong financial performance despite oil price volatility.

“We suspended the dividend, but over the last few years, we have worked very hard to get the company working very well and very profitable," he said, adding that, “And when we got to the end of 2018, we decided that we were back in very good financial health and therefore we could reinstate the dividend.”

Tullow Oil recorded revenue of $1.9 billion for 2018, while profit after tax stood at $85 million.

Meanwhile, the Tullow Ghana Business, which was formerly part of Tullow’s West Africa Business, is now a stand-alone business under the new Group structure, a reflection of Tullow Ghana’s importance within the Group.

The Managing Director of Tullow Ghana, Andoh Awotwi has been promoted to Executive Vice President of Tullow Oil plc, following a reorganisation of the Group structure.

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