Tullow Oil sells Gabon assets to local firm for $300M, focusing on West African operations.

Tullow Oil has agreed to sell its assets in Gabon to Gabon Oil Company for $300 million, aiming to reduce its net debt and focus on operations in Ghana and Ivory Coast. The deal, expected to close mid-year, includes around 10 kbopd of production and 36 million barrels of reserves, subject to government and regulatory approvals. Tullow reported a significant increase in pretax profit to $321.5 million in 2024, despite lower revenue, and plans to reduce production to 50,000-55,000 barrels per day in 2025.