Tullow Oil Agrees $300mn Sale of Gabon Assets to State-Owned GOC

Tullow Oil agrees $300mn sale of Gabon assets to state-owned GOC

Tullow Oil has signed a definitive sale and purchase agreement with Gabon Oil Company (GOC) to divest its entire non-operated working interests in Gabon for $300mn, as part of efforts to strengthen its balance sheet and focus on higher-margin assets.

Tullow Oil Plc has concluded a final agreement for the sale of its unexploited shares in Gabon to Gabon Oil Company (GOC) for 300 million dollars. Launched last March, this operation is part of the strategy of the energy producer, centered on West Africa, to strengthen its balance sheet and focus on...

Samuel Dossou-Aworet-backed Tullow agrees to sell Gabon unit for $300 million

Key PointsTullow Oil agrees to sell 100% of its Gabon subsidiary for $300 million, exiting all Gabonese oil assets producing 10,000 barrels per day.The Gabon sale proceeds will reduce Tullow’s net debt and strengthen its balance sheet, aiding focus on core profitable assets.Tullow also sells Kenyan assets to Gulf Energy for $120 million as part of a broader strategy to simplify operations and cut debt.Tullow Oil Plc, the London-listed oil and ga…