The Tullow assets are set to produce around 10,000 barrels of oil a day this year, the company said, adding that it will use the funds to reduce its debt profile. The company has been setting up deals to sell assets and bring down debt ahead of $1.39 billion in maturities next year.
BW Energy has confirmed the commercial viability of the Bourdon oil discovery offshore Gabon, with estimated recoverable reserves of 25 million barrels, the Norwegian company said on Tuesday.
The DBM-1 ST2 appraisal well has verified a significant oil discovery with quality reservoir characteristics and fluid properties in the Bourdon prospect within the Dussafu licence. The company estimates 56 million barrels of oil in place, of which approximately 25 million barrels are considered recoverable.
Tullow Oil will sell its Gabon assets to Gabon Oil Company for USD 300 million net of tax, the company said on Monday.
The sale involves Tullow’s entire Gabonese portfolio, representing around 10,000 bopd of 2025 production guidance and approximately 36 million barrels of 2P reserves. The effective date for the transaction is January 1, 2025.
“This value accretive transaction with Gabon Oil Company aligns with our strategic priorities to materially accelerate deleveraging and is an important step as we progress our refinancing plans this year,” chief financial officer and interim CEO Richard Miller said.
Evaluation of logging data and formation pressure measurements confirm approximately 34 meters of pay in an overall hydrocarbon column of 45 meters in the Gamba formation, making it the largest hydrocarbon column discovered to date in the Dussafu license. The well was drilled by the Norve jack-up rig to a total depth of 4,135 meters.
BW Energy and its partners have completed production drilling campaign at Dussafu Marin Permit offshore Gabon, bringing the oil production at the development to the highest quarterly rate since the start-up in 2018.
Oil and gas companies, Tullow Oil and BW Energy which have active operations in Gabon, have said there have been no disruptions to their oil production activities following the August 30 coup which occurred in Gabon, after the military took overpower from Ali Bongo, whose family has been in a “democratic” government for the last four decades.
French oil company Maurel & Prom (M&P) has agreed to acquire Gabon-focused onshore oil upstream and midstream company Assala Energy from private equity fund Carlyle Group for $730m (€671.6m).
Gabon has extended several licences of Africa-focused independent oil and gas firm, Tullow Oil Plc, to the year 2046.
Tullow Oil PLC – oil and gas producer in Ghana, Gabon and Ivory Coast – Gains approval from the Gabon government for the extension of several of its licences in the west African country to 2046
With its economic indicators showing clear signs of recovery, and the current Parti Démocratique Gabonais (PDG) set to retain power after this year’s elections, Gabon’s economic plans are moving ahead at full speed.