Monday, 26 August 2013

Black Gold: Tullow Oil Set to Sell 50% stake in Tweneboa-Enyenra-Ntomme oil project………..

Title: UK Tullow Starts Process to Sell Stake in $4.9 Bln Ghana TEN Oil Project
Tullow is aiming to reduce its exposure to hefty development costs.

“LONDON--U.K.-listed oil and gas explorer Tullow Oil PLC (TLW.LN) has begun a process to sell part of its 50% stake in the $4.9 billion Tweneboa-Enyenra-Ntomme oil project off the coast of Ghana as it seeks to focus more on exploration and limit its development costs, the company said Wednesday.

Through the sale, Tullow is aiming to reduce its exposure to hefty development costs, which had become a growing concern to its investors, while retaining a material interest and operatorship of the oil production, which is planned to commence mid-2016.” The Wall Street Journal

Paulina Opoku-Gyimah says: To be honest I don’t understand anything I’ve read above –Bless me!!! Is it good, bad or indifferent for Ghana?  I’m just not clever enough to understand ooOOo!

What does it mean to reduce their development cost? I hope those west coast/central region chiefs aren’t selling and un-selling ‘ancestral’ land 'in the sea' back and forth to Tullow Oil ganster styleeee (laughter).. Or do they keep discovering more and more oil and need more sika to develop them? Or are Ghana's creative but needy millions ---sorry, errrm few and some its special walking dead --asking them for sponsorship money wink, wink, wink ---making them run away…sorry –want to sell half their stake in said oil project (Laughter)!!!
I must take this opportunity to say how intrigued/ awed I am by ‘international’ multi nationals/big and small brands that venture into Africa-ca-ca-ca to do business, how on earth do they do it with all that jagger-jagger-ness? I always think of Virgin!!!!!!

With our special time-keeping, special handshakes, special underground spiritual games, special taxes, special chiefs, special big boys clubs, special ‘transparency’ issues, special red, gold and green tape, special corruption issues, special business practises, special banking (mostly off shore), special infrastructural issues and special governments ---you have to admire them and then some (think bush mentality)!!!!  (Laughter)…  

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