Feb 20 (Reuters) - London-listed, West Africa-focused oil and gas company Tullow Oil has entered refinancing deals with Glencore and owners of about two-thirds of its $1.3 billion senior secured notes
Tullow Oil Seals Multiple Deals in Broad Capital Restructuring
Refinancing with Glencore and Noteholders
Tullow Oil’s Capital Overhaul and Ghana Agreements
Feb 20 (Reuters) - London-listed, West Africa-focused oil and gas company Tullow Oil has entered refinancing deals with Glencore and owners of about two-thirds of its $1.3 billion senior secured notes, extending debt maturities by over two years to November 2028.
Ghana License Extensions: WCTP and DWT
The company has also struck a deal with the Ghana government for the extension of its West Cape Three Points and Deep Water Tano Petroleum agreements, it said on Friday.
Alignment to 2026 Catalysts and Reserves
The company said the refinancing deal stabilises its capital structure and aligns it with expected 2026 operational catalysts and potential reserve additions, easing pressures on one of London's most debt-laden independent oil producers.
CEO Targets Fixed Cost Cuts
TEN FPSO Purchase for $205 Million
Tullow also agreed to buy the Floating Production, Storage, and Offloading vessel serving Ghana’s TEN oilfields for $205 million, signing a deal that its CEO said will cut fixed costs and boost long‑term cash flow.
Operational Streamlining amid Debt and Receivables
The deals come as a part of the company's efforts to streamline operations across its West African portfolio as it seeks to refinance its capital amid mounting debt and delayed payments from Ghana’s government.
(Reporting by Sri Hari N S and Ankita Bora in Bengaluru; Editing by Mrigank Dhaniwala)
