BLACK GOLD BULLETIN

Tullow Oil—once a high-flying independent explorer—has spent years grappling with the repercussions of high-cost exploration and mounting debt. But amid these challenges, its operations in Ghana—specifically the Jubilee and TEN oilfields—stand out as a beacon of stability and growth. ( Image Source: Africa CEO Voices ) Why the Asset Sales? Tullow’s debt pile peaked at around $2.8 billion, forcing the company into aggressive deleveraging. Under former CEO Rahul Dhir, net debt was reduced to approximately $1.45 billion by year-end 2024 through sales of non-core assets across Africa—including Gabon, Uganda, Côte d’Ivoire, and Kenya—as well as write-downs of underperforming fields, notably in Kenya, where a $145 million impairment was taken due to development delays and investment uncertainty ( Tullow Oil ). Asset sales—including Kenyan holdings for at least $120 million and Gabon interests for $300 million—were aimed squarely at meeting Tullow’s target of reducing net debt to below $1 bil...

For more than a century, BP—once proudly British Petroleum—has been a dominant force in the global energy industry. But in 2025, the company finds itself under immense pressure. From leadership instability to strategic reversals, asset sales, and even takeover rumors, BP appears to be fighting battles on multiple fronts. The question now is whether the company is restructuring for growth—or struggling to survive. (Image Source: The Independent) Leadership in Flux, Trust in Question In 2023, BP’s bold strategy to move “Beyond Petroleum” took a major hit when CEO Bernard Looney resigned amid revelations that he failed to disclose past personal relationships with colleagues. Looney had been at the forefront of BP’s clean energy pivot, promising a 40% reduction in oil and gas production by 2030. His departure created a leadership vacuum and revived long-standing concerns about the company’s direction and internal governance. The appointment of Murray Auchincloss as the new CEO brought ...