Tullow Oil has entered 2026 on firmer financial footing after completing a landmark refinancing transaction that extends its debt runway and unlocks fresh liquidity for its high-value Ghana assets — just as the Ghanaian parliament ratified long-term field extensions through 2040.
The refinancing package includes an extension of its Senior Secured Notes and Glencore facility to November 2028 and May 2030 respectively, as well as a new US$100 million cargo pre-payment facility with Glencore to bolster liquidity. The move follows a strategic consolidation in 2025, during which Tullow divested its non-core assets in Gabon and Kenya, generating US$347 million in proceeds and sharpening its focus on Ghana’s Jubilee and TEN fields.
CEO Ian Perks said the refinancing gives the company the financial foundation it needs to create lasting value. “Throughout 2025 and into early 2026, we have delivered against a clear set of strategic priorities to position Tullow for long-term success. This transaction provides Tullow with the strong financial foundation and flexibility required to deliver value for stakeholders,” he said. The company’s Jubilee FPSO and TEN assets averaged 97% uptime in 2025, and first-quarter 2026 production came in at a healthy 43.4 thousand barrels of oil equivalent per day.
A major boost came with Ghana’s parliamentary ratification of field life extensions for both Jubilee and TEN to 2040, opening up material additional oil and gas reserves for the company. Tullow has also agreed to acquire the TEN Floating Production Storage and Offloading vessel — a move Perks described as value-accretive, as it eliminates lease costs and creates opportunities to capture operating cost savings. Four additional Jubilee wells — three producers and one water injector — are expected to come onstream this year, with well design and placement informed by data from 4D and ocean-bottom node seismic surveys. “A key milestone has been the agreement to purchase the TEN FPSO… extending the Jubilee and TEN petroleum agreements to 2040, and higher oil prices have further strengthened our platform for sustainable growth,” Perks said.
Source: Oil Review Africa