Tullow Oil plc has completed the sale of its Gabon assets to the Gabon Oil Company and received the full proceeds of US$307 million.
OPERATIONS
The transaction covers exploration, development and production activities in non-operated fields.
Proceeds from the sale will reduce Tullow’s debt and mark the company’s exit from Gabon after 21 years.
Chief financial officer and interim chief executive Richard Miller said: “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 [field] producer, now on stream.”
The majority of Tullow’s production in Ghana comes from the Jubilee and TEN fields.