The sale of its Gabon assets marks Tullow’s exit from its licences in Gabon after 21 years.

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.”

Alvenco is led by Namibia’s former-Minister of Mines and Energy Tom Alweendo. (Image source: African Energy Chamber)

Namibia's exploration and production industry is drawing increased investments before it readies for production in 2029

It is emerging as the leading hydrocarbons producer from Africa as global oil giants and independents as well as local energy companies are investing in the country. These companies need expert advice to navigate Namibia's unique industry, and the newly launched Alvenco Advisory is addressing this need.

Led by Namibia’s former-Minister of Mines and Energy Tom Alweendo, the firm is a strategic advisory provider that generates investment pathways that will bring profit, inclusivity and sustainability. The firm's approach is collaborative as it works closely with the government stakeholders and private companies so that they step in sync with the country's energy goals through policy and regulatory support, strong alignment with national priorities, local stakeholder engagement and ESG focus as well as strategies for shared value and long-term returns. 

The advent of Alvenco Advisory couldn't have been more timely given the global rise of Orange Basin. Next year, TotalEnergies awaits reaching a final investment decision for its Venus discovery. Galp, on the other hand, has been reporting consistently good yields from the Mopane wells.

On the exploration front, Rhino Resources is making strides towards field development following a discovery at the Capricornus-1X well in April 2025 and the confirmation of a hydrocarbon reservoir at the Sagittarius-1X well in February 2025. Halliburton is set to drill two exploration wells at Block 2914 in PEL 85 while Stamper Oil & Gas Corp is also pursuing exploration projects in the Orange and Lüderitz Basins. Chevron is spearheading exploration in the Walvis Basin following its acquisition of an 80% stake in Blocks 2112B and 2212A. These investments seek to unlock a new hydrocarbon province in southern Africa.

“Namibia is on the cusp of extraordinary change. With major oil discoveries and bold steps into green hydrogen, we have a unique opportunity and responsibility to ensure that our natural resources uplift all Namibians. Alvenco Advisory will not only support global investors in Namibia, but ensure their investments unlock tangible opportunities for the people of Namibia. At Alvenco Advisory, we are committed to driving inclusive and sustainable projects. We are here to align the goals of governments and investing companies – if you’re investing in Namibia or thinking about it let’s talk," said Alweendo.

Rig141 has been booked again under a year-long extension.

Operations in the Gulf of Suez offshore Egypt continues as the Rig 141 by Shelf Drilling has been booked for another year by a 12-month extension

Worth around US$23mn, the rig will now be blocked untill February 2027. 

Shelf Drilling rigs are high in demand in West Africa as well. Last year the company bagged million dollar deals for campaigns in Nigeria and Angola. 

The rig will be used for drilling the Kharas appraisal well.

The Kudu appraisal well prepares for drilling as BW Energy, along with NAMCOR E&P, has contracted the Deepsea Mira semi-submersible rig for the campaign

The rig will also be used for drilling the Kharas appraisal well on the Kudu licence (PPL003) offshore Namibia in the Orange Basin, during the later part of 2025.

This comes as part of a rig-sharing agreement that was announced by Northern Ocean with Rhino Resources. The contract, entered into by BW Kudu Ltd, provides access to an in-country rig and an experienced services team with a strong track record in the Orange Basin, supported by a high level of local content.

BW Energy is the operator of the Kudu production licence (PPL003) with a 95% working interest. NAMCOR E&P, a subsidiary of the national oil company of Namibia, holds the remaining 5% carried interest.