Gabon Oil Co. has agreed to acquire Tullow Oil Gabon SA from Tullow Oil plc, which holds 100% of Tullow’s working interests in Gabon, for cash consideration of $300 million net of tax.
The sale represents Tullow’s entire Gabonese portfolio of assets, which include expected production in 2025 of of about 10,000 b/d of oil and about 36 million bbl of 2P reserves (independently audited at year end 2024).
Tullow holds non-operated interests in exploration, development, and production activities in 20 licences covering over 8,700 sq km in 22 producing fields, according to the company's website. Gabon is a key part of Tullow’s production and infrastructure-led exploration (ILX) portfolio. In 2023, the company swapped assets with Perenco Oil and Gas Gabon SA, adding to positions in certain fields (OGJ Online, Apr. 28, 2023).
A full sale and purchase agreement is targeted for second-quarter 2025 with a deal completion expected around the middle of the year.
