It is reported that the exploration and production company will acquire a 14.24 working interest in Equatorial Guinea’s Block G and a 10 percent working interest in Gabon’s Dussafu Marin permit. Equatorial Guinea’s Block G is operated by Trident Energy.

John Hamilton, CEO, Panoro Energy, told the media, “It’s a transformational deal. We have incredibly supportive shareholders, who have encouraged us to grow. Sometimes the stars and the moon align, and we have had a great coming together with Tullow.”

Under the terms of the agreement, the transaction includes an $89 million upfront cash consideration. However, the transaction is subject to ‘customary completion adjustments and contingent cash payments of up to $16 million’ which is associated with the asset performance and oil price, media reports said.

Rahul Dhir, CEO of Tullow Oil, told the media, that the agreements will “have a positive effect on our financial position, as we look to further reduce our net debt and continue constructive discussions with our creditors. These transactions are also in line with our strategy of investing our capital on cash-generative, high return investment opportunities in our core portfolio.”

It seems that the exploration work in Gabon had significantly slowed down due to lockdown measures as a result of the coronavirus pandemic. Panoro and BW Energy seek to complete the Torque development with the drilling of two wells, media reports said.

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It is reported that the project’s pipeline installation covers 43 miles. Also, it has the capacity to transport 950 million cubic feet of natural gas each day. This is slated for the third quarter of this year.

This project is one of Africa’s energy projects slated for completion in the near future. However, the protracted pandemic has slashed investments for the continent’s capital-intensive projects, a local media reported.

More recently, Chevron has agreed to acquire Noble Energy in a stock transaction which is  valued at $5 billion. According to the deal, the latter’s shareholders will each receive one share of Chevron stock for every ten Noble Energy shares in their holdings. Chevron Chairman and CEO Michael Wirth, told the media, “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.”

Previously, Noble Energy had completed a major task on cost-cutting, lowering its production costs to $6.60 per barrel of oil equivalent, media reports said.

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