Petroleum Africa
Find us on: 
Thursday, March 13, 2014
Tullow Oil has declared a force majeure on its acreage offshore Guinea. The UK-based firm informed the government and its partners Dana Petroleum and Hyperdynamics Corp. that there has been a force majeure event under the PSC and the joint operating agreement (JOA).
The decision to declare a force majeure revolves around certain investigations of the US DOJ and SEC. Tullow states in its notice that the decisions by the DoJ and the SEC to open investigations into the activities of Hyperdynamics in obtaining and retaining the concession rights constitute a force majeure event under the terms of the PSC and JOA. Hyperdyanmics has held title to the acreage through more than one regime change over the past several years.
Tullow states in its notice that the asserted force majeure event prevents Tullow from performing its contractual obligations under the PSC.
Tullow farmed into the PSC offshore Guinea in Q4 2012, picking up a 40% stake and operatorship from Hyperdynamics.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
