Tullow Oil Expands Investment in Gabonese Oil Sector, Secures License Extensions for Long-Term Growth

2023-08-13 16:24:00

(Agence Ecofin) – In May, Tullow announced that it wanted to invest 1.4 billion USD in the Gabonese oil sector over the next 4 years. Enough to increase its production in the country, estimated at 13,000 barrels/day. The company reports net production of approximately 14,900 bpd from its Gabonese assets in 2022.

Tullow Oil has announced that it has obtained approval from the Gabonese government to extend several of its oil exploitation licenses until 2046. The British oil and gas company holds licenses for 7 producing oil fields and one field in exploration. She says that this extension will allow her to intensify her activities in the country.

« License extensions increase Tullow’s resource base value with the addition of approximately 5 million barrels of net 2P reserves which will replace 100% of 2P reserves in Gabon this year“, indicates the company in a press release published on its website.

« This activity is part of the group’s strategy to focus on its high yielding production assets in Africa and to unlock value through the optimization of its unoperated portfolio. The extensions reflect future reserve and resource potential across Gabon’s assets and the longevity of the Tchatamba facilities as a Tullow hub“, she adds.

Tullow Oil’s activities in the country include exploration, development and production. Production in Gabon comes from a portfolio of more than 20 onshore and offshore fields, according to the company.

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