Industry & Business

Tullow Oil regains it’s stake in Gabon

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Tullow Oil regains it’s stake in Gabon

October 08
09:06 2015

Tullow_Oil.svgIrish-listed Tullow Oil has reached an agreement with the Gabonese government to regain its stake in oil fields.

In a statement released this morning Tullow said, the company has regained its 7.5 percent stake in the Onal Complex producing fields and the Ezanga block.  This development came from negotiations with the government in the African country

“In addition, Tullow has 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,” the company said. “In return for access to these discoveries, it has been agreed that the effective date of the new licence will be 1 August 2015.”

Tullow chief executive Aidan Heavey said:“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 ten years and I look forward to investing further in Gabon over the coming decades.

Tullow said that the deal allowed it to maintain its full year production guidance for West Africa at 66,000-70,000 barrels of oil per day.

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