Tullow Oil, Gabon Oil Company Agree on $300M Deal

UK multinational E&P firm Tullow Oil has signed a sale and purchase agreement to divest 100% of its Gabonese subsidiary, Tullow Oil Gabon, to Gabon Oil Company.

The $300 million deal includes the transfer of all Tullow Oil Gabon’s non-operated working assets in the country. The assets comprise a portfolio representing approximately 10,000 barrels of oil per day (bpd) in 2025 production guidance and around 36 million barrels of proven reserves.

According to Richard Miller, CFO and Interim CEO, Tullow Oil, the proceeds from the sale will reduce the company’s net debt and strengthen its balance sheet. The transaction also serves as a strategy by Tullow Oil to strengthen its E&P portfolio across Africa.

In Ghana, Tullow Oil produces approximately 87,000 bpd from the Jubilee Field, 18,500 bpd from the TEN Field, and 6,000 barrels of oil equivalent per day of gas. The company produces over 1,000 bpd in Ivory Coast, while advancing exploration efforts under the CI-524 and CI-803 licenses. In Kenya, the firm is conducting exploration and field development activities.

The sale and purchase agreement is expected to be closed by mid-2025.