Tullow signs agreement to acquire FPSO in Ghana

ACCRA, February 23, 2026 – Tullow has signed an agreement to acquire the Prof. John Evans Atta Mills FPSO in Ghana for USD 205 million, the company said on Tuesday.

The deal, made through subsidiary Tullow Ghana Limited and its joint venture partners, involves purchasing the floating production, storage and offloading vessel operating in the TEN fields offshore Ghana. Completion is expected by the end of Q1 2027, pending regulatory approvals.

Tullow’s net share of the transaction is USD 125.6 million, which it plans to fund from in-year cash flow. The company said the acquisition supports its strategy to optimise production, remove lease costs and unlock further cost efficiencies by aligning operations with the adjacent Jubilee field.

“The acquisition of the FPSO will reduce our operating cost base, enhance value for our host nation and partners and unlock future opportunities,” Tullow CEO Rahul Dhir said.

Tullow is a UK-based independent energy company focused on oil and gas exploration and production in Africa and South America. In Ghana, it operates both the TEN and Jubilee fields, which form a core part of its asset portfolio.

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