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Sunday, October 11, 2015
Tullow Oil reached agreement with the government of Gabon over its licenses in the Onal Complex Fields. Following negotiations, Tullow has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block (formerly the Omoueyi exploration block).
In addition, Tullow has been granted license extensions in the Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga block in 2014. In return for access to these discoveries, it has been agreed that the effective date of the new license will be August 1, 2015.
The successful conclusion of this matter allows Tullow to maintain full year production guidance for West Africa at 66,000-70,000 bpd of oil.
Aidan Heavey, CEO of Tullow 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 10 years and I look forward to investing further in Gabon over the coming decades.Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the Group.”
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