Japanese appetite for slice of Tullow’s Ghana project could realise $1.4bn

Japanese investors are reportedly lining up to buy part of Tullow Oil’s stake in the high potential $5bn-valued TEN oil project, located off the coast of Ghana.

The Irish-founded exploration company holds a 47% stake in the Tweneboa Enyenra Ntomme project, but is looking to farm down a sizeable chunk of that to cover development costs.

Latest rumours suggest Tullow could generate as much as $600m from the sale of a 17%-20% slice of its shareholding. Tullow, however, has already committed to a development carry arrangement, which will see all proceeds raised from the sale go directly into funding TEN’s development.