From Ghana Business News

Tullow has finally decided to sell part of its stake in the Tweneboa, Enyenra and Ntomme (TEN) oil project offshore Ghana. It is expecting bids from potential buyers by the end of this month. “The process to farm down Tullow’s interest in the TEN Development, for a development carry, is progressing well with bids expected to be submitted by the end of this month,” the company said November 13, 2013 in a management statement.

Farm-down is when a licensed exploration company discovers oil and it wants to sell a share in its rights over the discovery to other companies.

Tullow estimates the development cost of the TEN project to be $4.9 billion. It has 47% stake in the project. The Wall Street Journal reports that the value of Tullow’s stake in the TEN project is $1.15 billion citing analysts at Bank of America Merrill Lynch.

Tullow’s Chief Executive Aidan Heavey in July 2013 said there had already been a lot of interest in TEN from potential buyers, including major Chinese oil companies, even before the process had officially begun.

Written by Ekow Quandzie | Read more at Ghana Business News