According to a Tullow Oil press release dated 29 July 2025, the company completed the sale of its assets in Gabon to Gabon Oil Company (GOC), the national oil company, after all conditions precedent of the sale agreement were satisfied. The transaction covers 100% of the shares of its subsidiary Tullow Oil Gabon S.A., which holds all of its non-operated interests in the country, for a total cash consideration of 307 million dollars net of tax and customary adjustments. Tullow says it is thus leaving its Gabonese licences after 21 years and will use the proceeds to reduce its net debt.
According to a statement published on 4 August 2025 by the trader Gunvor, the acquired assets represent about 10,000 barrels per day of expected 2025 production and about 36 million barrels of proved and probable (2P) reserves, independently audited at end-2024. Gunvor provided financial support for part of the acquisition cost. GOC chief executive Marcellin Simba Ngabi presents the deal, which comes a year after the purchase of Assala Energy, as a way to help the State maximise its oil revenue and strengthen its control over the country's reserves.
The agreements for this acquisition had been signed on 27 March 2025 at the Presidential Palace, according to the communiqué of the Council of Ministers held that day.
