Gabon Oil Company acquires Tullow assets in Gabon

The Gabon Oil Company has acquired all of Tullow Oil's assets in Gabon in terms with a sale and purchase agreement signed between the two partners

Full proceeds now with Tullow, the transaction represents the sale of 100% of the shares in Tullow’s subsidiary, Tullow Oil Gabon SA. The subsidiary holds Tullow’s non-operated working interests in Gabon, for a total cash consideration of US$307mn net of tax and customary adjustments.

The sale of its Gabon assets marks Tullow’s exit from its licences in Gabon after 21 years. The transaction proceeds will be used to strengthen Tullow’s balance sheet by materially reducing Tullow’s net debt.

Richard Miller, chief financial officer and interim chief executive officer of Tullow, said, “Today’s news represents another key milestone that accelerates the deleveraging of Tullow. I am pleased with the momentum we have at Tullow, and I look forward to this continuing in the weeks and months ahead. Our immediate focus is on successfully completing the Kenya transaction in 2025 and the current Ghana drilling campaign with the first well, a Jubilee producer, now onstream.”