Tullow Oil Finalizes $307M Gabon Asset Sale to Gabon Oil Company

Tullow Oil has officially completed the sale of its Gabonese assets to the state-owned Gabon Oil Company (GOC) for $307 million. This marks the exit of Tullow from all its non‑operated working interests in Gabon after 21 years of operations.

Tullow Oil Gabon’s portfolio is estimated to include around 36 million barrels of 2P reserves and forecasted production of approximately 10,000 barrels per day in 2025.

Richard Miller, Interim CEO and CFO, Tullow stated that the transaction will substantially reduce the company’s net debt, strengthen its balance sheet and support its ongoing capital reorganization across African operations.

With funds now received, Tullow plans to repay and cancel its existing $150 million Revolving Credit Facility, as part of a broader strategy to enhance financial resilience and focus on core assets in Ghana and other regions.