News
Tullow to invest $400 million in Ghana project
Tullow Oil plans to invest $400 million this year, mainly on its flagship fields in Ghana, the independent oil and gas exploration and production group announced this on Wednesday.
Forecasting its capital expenditure for this year, Tullow said it would invest $300 million in Ghana, $40 million in Gabon, $20 million in Côte d’Ivoire, $10 million in Kenya and $30 million on exploration and appraisal activities.
The company expects free cash flow to come in at $100 million at an oil price of $80 a barrel, or twice that at $100 a barrel, unchanged from previous guidance.
For 2022, free cash flow came in at $267 million, up from $245 million in 2021 and in line with forecasts.
Expatiating on the 2023 outlook for Ghana, Tullow said “completion of Jubilee South East infrastructure in the first half of 2023 will mark the end of the current major infrastructure spend on Jubilee.”
Gross production from Jubilee expected to increase to over 100 kbopd with four new wells at Jubilee South East and a further Jubilee producer onstream later this year.
Tullow forecast decommissioning expenditure of $90 million in the UK and Mauritania, with a further $20 million placed into escrow funds for future decommissioning in Ghana and parts of the non-operated portfolio.
“Decommissioning expenditure is weighted more than 80 per cent to the first half of the year,” Tullow said.
According to the oil company, Jubilee FPSO operations and maintenance (O&M) costs were expected to be 23 per cent lower than in 2021, following O&M transformation undertaken in 2022.
Tullow said it plan to go into a long-term gas sales agreement with the Government of Ghana covering both Jubilee and TEN fields.
Commenting, Mr. Rahul Dhir, Chief Executive Officer, Tullow Oil plc said: “2022 saw Tullow successfully deliver against our business plan.
“A high focus on cost control and a disciplined approach to operational efficiency have driven a very strong performance for the year, with group production in line with guidance and expectations, delivering free cash flow of $267 million, lowering net debt to $1.9 billion and reducing cash gearing to 1.3x net debt to EBITDAX.”
He said, “looking ahead, we have multiple catalysts to deliver further profitable growth. There is strong momentum across the portfolio with the commissioning of Jubilee South East on track for the second half of 2023, bringing undeveloped reserves online and Jubilee gross production to more than 100 kbopd before the end of the year.
“Engagements to secure a strategic partner for the Kenya development project continue and we are preparing a plan of development to monetise the remaining resources at TEN.
“We have created a unique platform of assets and capability, including industry leading safety performance, which positions us strongly to create significant value for all our stakeholders.”
News
Cake Tekniks holds 59th graduation ceremony
About 30 students on Sunday graduated from the 59th graduation ceremony of Cake Tekniks International, a privately-owned modern cake designing and sugar craft school in Accra.
During the ceremony, all graduates were presented with certificates while 13 of them also received professional diploma.
The founder of Cake Tekniks International, Mrs Jane Addo, said her outfit was dedicated to providing world standard skills, knowledge and hands-on training necessary for one to succeed worldwide in the culinary industry.
She encouraged the students to embrace the opportunities, challenges and experiences, mindful of the fact that they are well-equipped.
“Hold your heads up while you build a goodwill between your clients and yourselves,” she added.
Mrs Addo said the school was passionate about fostering the culture of creativity, motivation and excellence with the belief that every student had the potential to make a lasting impact in the culinary world.
The founder and leader of QA Consult, Mr Johnson Opoku-Boateng, said graduation was a witness to the unveiling of talents, passion and hard work and testament to months of dedication and hands-on-learning.
He urged the graduands to ensure that their cakes were safe and good for human health and that their success would be dependent on how well they serve, create and grow.
The event also saw the exhibition of cakes and pastries by the students.
receiving her certificate
By Esinam Jemima Kuatsinu
News
Debutant Bella Agyemang lauded for Box Office ‘Magic’
New producer, Bella Agyemang, has been hailed by Silverbird Cinemas and other industry players for her Box Office ‘Magic’ over the weekend.
Bella’s ‘Check In’ movie has received praise for being the first to sell at the cinemas this year.
Speaking to The Spectator, Sales and Marketing Lead at Silverbird Cinemas Ghana, Nana Kwame Obiri-Tete said, for a debutant, Bella Agyemang did fantastically well in her maiden premiere.
He said he was proud of Bella Agyemang’s effort in getting people to show up, adding that she engaged in a lot of marketing activities.
He said her marketing activations on the streets, coupled with other Public Relations endeavours, pointed in the right direction.
“With what she has done, it shows that Bella has a big future. You might have a good product, but if you fail to market it, you cannot get people to patronize. Bella put in a lot of work, which is why she was able to draw a lot of people to the premiere,” Obiri-Tetteh said.
Bella Agyemang, on her part, expressed appreciation to fellow actors, her team, media personalities and all stakeholders who supported her effort ahead of the premiere.
The much-awaited star-studded Ghanaian comedy movie ‘Check-In’ premiered at Silverbird Cinemas on April 12, 2025.
The movie tells a story of chaos and a blackout at a secluded hotel, and amidst these, a resourceful attendant must unravel hidden connections between guests and restore peace before secrets tear them apart.
The movie, produced by Bella Agyemang, featured Kofi Okyere-Darko (KOD), Clemento Suarez, Jeneral Ntatia, Priscilla Opoku-Agyeman, Felicia Osei, Gideon Kojo Boakye, Clinton Odoi, Fiifi Jefferson Pratt, and Gabriel Hogan among others.
By Edem Mensah-Tsotorme
