Tullow Oil has completed the sale of its assets in Gabon to the Gabon Oil Company (GOC) for $307 million, exiting the African country after 21 years of operations.
The transaction represents the sale of 100% of the shares in Tullow’s subsidiary Tullow Oil Gabon, which holds all of Tullow’s non-operated working interests in Gabon, for a total cash consideration of $307 million net of tax and customary adjustments.
According to the information on Tullow Oil’s website, the company’s offshore assets in Gabon include 40% stakes in Simba, DE8, and Tchatamba facilities hub, as well as 7.5% interest in ETAME Complex.
The transaction proceeds will be used to strengthen Tullow’s balance sheet by materially reducing Tullow’s net debt.
“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,” said Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow.