Published by Global Banking & Finance Review®
Posted on February 20, 2026
2 min readLast updated: April 3, 2026
Add as preferred source on GoogleTullow Oil secured a lock‑up with Glencore and two‑thirds of noteholders to extend debt to Nov 2028. Ghana ratified Jubilee and TEN license extensions to 2040. Tullow will buy the TEN FPSO for $205m to reduce costs.
Feb 20 (Reuters) - London-listed, West Africa-focused oil and gas company Tullow Oil has entered refinancing deals with Glencore and owners of about two-thirds of its $1.3 billion senior secured notes, extending debt maturities by over two years to November 2028.
The company has also struck a deal with the Ghana government for the extension of its West Cape Three Points and Deep Water Tano Petroleum agreements, it said on Friday.
The company said the refinancing deal stabilises its capital structure and aligns it with expected 2026 operational catalysts and potential reserve additions, easing pressures on one of London's most debt-laden independent oil producers.
Tullow also agreed to buy the Floating Production, Storage, and Offloading vessel serving Ghana’s TEN oilfields for $205 million, signing a deal that its CEO said will cut fixed costs and boost long‑term cash flow.
The deals come as a part of the company's efforts to streamline operations across its West African portfolio as it seeks to refinance its capital amid mounting debt and delayed payments from Ghana’s government.
(Reporting by Sri Hari N S and Ankita Bora in Bengaluru; Editing by Mrigank Dhaniwala)
Tullow Oil’s capital overhaul, including a lock‑up with Glencore and major noteholders to extend debt maturities, Ghana license extensions to 2040, and the planned purchase of the TEN FPSO.
The company agreed to exchange and extend its senior secured notes to November 15, 2028, easing near‑term refinancing risk and stabilizing its capital structure.
Parliament ratified extensions of the West Cape Three Points and Deep Water Tano petroleum agreements to December 31, 2040, with GNPC’s stake rising by 10% from July 20, 2036.
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