Tullow Oil Completes $307 Million Gabon Exit After 21 Years
British independent oil company Tullow Oil has successfully completed the sale of its Gabon assets to the Gabon Oil Company (GOC) for $307 million, marking the end of the company’s 21-year presence in the West African nation. The transaction, finalized after all conditions were met under the sale and purchase agreement, represents a significant milestone in Tullow’s debt reduction strategy.
The sale includes Tullow’s entire non-operated working interests in Gabon, encompassing approximately 10,000 barrels of oil per day production and about 36 million barrels of proven and probable reserves. Key assets transferred include a 7.5% stake in the Etame Marin Complex and 40% interests in the Tchatamba facilities, DE8 license, and Simba field.
“Today’s news represents another key milestone that accelerates the deleveraging of Tullow,” said Richard Miller, Chief Financial Officer and Interim CEO. “I am pleased with the momentum we have at Tullow, and I look forward to this continuing in the weeks and months ahead.”
The company plans to use the proceeds to materially reduce its net debt and strengthen its balance sheet. Tullow’s immediate focus now shifts to completing its Kenya transaction in 2025 and its current Ghana drilling campaign, with the first Jubilee producer well already online.
Sources: offshore-energy.biz, tullowoil.com
