Business News

Tullow Oil agrees deal in Gabon

By Business & Finance
08 October 2015
oil refinery pete markham

Tullow Oil has announced that it has reached agreement with the government of Gabon over its licences in the Onal Complex fields.

Tullow Oil is a leading independent oil and gas exploration and production company with a focus on finding and monetising oil in Africa.

The company has announced that it has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block after negotiations.

The company has also been granted licence extensions in the Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga block in 2014.

This will allow Tullow to maintain full-year production guidance for West Africa of up to 70,000 barrels of oil per day.

Aidan Heavey, CEO, Tullow Oil, commented: “I am very pleased that this deal has been agreed which guarantees Tullow’s long-term future in Gabon. We have had operations in Gabon for over 10 years and I look forward to investing further in Gabon over the coming decades. Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the Group.”

Photo: Pete Markham