Tullow Oil seals $300m Gabon assets sale to Gabon Oil Company

GlobalData

Wed, May 14, 2025, 2:19 AM 1 min read

Tullow Oil has signed a stock and acquisition statement (SPA) with Gabon Oil Company to merchantability its full moving involvement successful Gabon for a currency information of $300m (£252.57m).

The woody encompasses Tullow's Gabonese portfolio, which includes forecasted lipid accumulation of 10,000 barrels per time (bpd) for 2025 and 36 cardinal barrels of 2P (proven) reserves, audited astatine the extremity of 2024.

Tullow Oil and Gabon Oil Company signed a binding statement for the merchantability successful March 2025.

The transaction is expected to beryllium finalised by mid-2025, taxable to customary adjustments, and authorities and regulatory approvals.

Tullow Oil CFO and interim CEO Richard Miller said: “We proceed to marque beardown advancement towards completing this strategic, worth accretive divestment of our Gabon assets, with the signing of the SPA. The proceeds, expected successful the coming months, volition materially trim our nett indebtedness and fortify our equilibrium sheet, which positions america good arsenic we look to optimise our superior structure.

"Looking ahead, the transaction enables Tullow to proceed to present against our concern objectives to unlock worth from our high-margin, self-funded assets to turn our reserve basal and make worth for each stakeholders.”

In April, Tullow Oil agreed to sell its Kenyan subsidiary, Tullow Kenya, to Gulf Energy.

The woody involves a minimum information of $120m and was signed by its subsidiary Tullow Overseas Holdings.

In December past year, Kosmos Energy withdrew from its efforts to get Tullow Oil.

The institution did not disclose the crushed for discontinuing the imaginable deal, which was inactive successful the preliminary treatment stage.

"Tullow Oil seals $300m Gabon assets merchantability to Gabon Oil Company" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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