Latest news with #GabonOilCompany
Zawya
10 hours ago
- Business
- Zawya
Gabon Oil Company Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 Following Major Asset Acquisition from Tullow Oil
Marcellin Simba Ngabi, CEO of Gabonese parastatal Gabon Oil Company (GOC), is set to speak at Africa's premier energy event, African Energy Week (AEW): Invest in African Energies 2025, which takes place in Cape Town from September 29 to October 3. Ngabi's presence at AEW: Invest in African Energies 2025 signals a bold new era for state-led energy development as GOC transitions from a partner in operations to a primary driver of upstream growth and regional integration. Ngabi's participation comes shortly after the GOC's landmark $300 million acquisition of oil and gas company Tullow Oil's entire Gabonese portfolio, a transaction that includes 10,000 barrels per day (bpd) in production and 36 million barrels of proven reserves. The acquisition underscores GOC's strategic push to ramp up national oil production and attract new investment into Gabon's energy sector. During AEW: Invest in African Energies 2025, Ngabi is expected to share insight into the company's portfolio expansion, detailing how this recent acquisition supports the country's broader production goals. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. With over two billion barrels of proven oil reserves and significant gas potential, Gabon is reasserting its position as one of Africa's most promising energy frontiers. As the country seeks to boost production to 220,000 bpd, GOC is spearheading efforts to optimize mature fields, unlock value from marginal assets and fast-track project development. Recent developments include the GOC's oilfield development partner BW Energy's fast-tracked production start at the Hibiscus South satellite prospect, situated in the Dussafu license, which added 5,000-6,000 bpd within five months of discovery. Meanwhile, in 2024, GOC completed the acquisition of the private equity company Carlyle Group-owned Assala Energy – adding seven onshore licenses, a pipeline network and the Gamba export terminal to its portfolio. These milestones highlight GOC's commitment to rapid asset turnaround and production growth. Beyond oil, GOC is advancing Gabon's Gas Master Plan to monetize the country's three to five trillion cubic feet of natural gas reserves. Strategic initiatives include independent oil and gas company Perenco's $1 billion Cap Lopez LNG terminal – set to come online in 2026 – and the Batanga LPG plant, which became operational in December 2023. These efforts form part of a broader national drive to reduce flaring, strengthen downstream industries and diversify the country's energy mix. At AEW: Invest in African Energies 2025, Ngabi is expected to showcase Gabon's revitalized upstream agenda, highlight new investment opportunities across the oil and gas value chain and outline the national oil company's vision for leveraging international partnerships to drive sustainable growth. His participation is also set to highlight how national oil companies are transforming Africa's energy narrative through bold acquisitions, technology adoption and regional cooperation. 'Gabon's recent acquisitions and project milestones position the country as a rising force in Africa's upstream resurgence. Ngabi's participation at AEW: Invest in African Energies 2025 reinforces the central role national oil companies are playing in unlocking Africa's energy future, and we look forward to his insights on Gabon's strategic roadmap,' stated Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Yahoo
14-05-2025
- Business
- Yahoo
Tullow Oil seals $300m Gabon assets sale to Gabon Oil Company
Tullow Oil has signed a share and purchase agreement (SPA) with Gabon Oil Company to sell its entire working interest in Gabon for a cash consideration of $300m (£252.57m). The deal encompasses Tullow's Gabonese portfolio, which includes forecasted oil production of 10,000 barrels per day (bpd) for 2025 and 36 million barrels of 2P (proven) reserves, audited at the end of 2024. Tullow Oil and Gabon Oil Company signed a binding agreement for the sale in March 2025. The transaction is expected to be finalised by mid-2025, subject to customary adjustments, and government and regulatory approvals. Tullow Oil CFO and interim CEO Richard Miller said: 'We continue to make strong progress towards completing this strategic, value accretive divestment of our Gabon assets, with the signing of the SPA. The proceeds, expected in the coming months, will materially reduce our net debt and strengthen our balance sheet, which positions us well as we look to optimise our capital structure. "Looking ahead, the transaction enables Tullow to continue to deliver against our business objectives to unlock value from our high-margin, self-funded assets to grow our reserve base and create value for all stakeholders.' In April, Tullow Oil agreed to sell its Kenyan subsidiary, Tullow Kenya, to Gulf Energy. The deal involves a minimum consideration of $120m and was signed by its subsidiary Tullow Overseas Holdings. In December last year, Kosmos Energy withdrew from its efforts to acquire Tullow Oil. The company did not disclose the reason for discontinuing the potential deal, which was still in the preliminary discussion stage. "Tullow Oil seals $300m Gabon assets sale to Gabon Oil Company" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
13-05-2025
- Business
- Bloomberg
Gunvor Financed Gabon's $300 Million Deal For Tullow Oil Assets
Commodity trader Gunvor Group has made another significant oil deal in Gabon, its second since the country sought more control of national assets following a coup d'etat in 2023. State-owned Gabon Oil Company financed $220 million of a $300 million deal for Tullow Oil Plc 's assets in the country through an underwritten prepayment facility from Gunvor's Middle East subsidiary, Tullow said in a filing Tuesday.
Reuters
24-03-2025
- Business
- Reuters
Tullow Oil to sell Gabon assets for $300 million
March 24 (Reuters) - Tullow Oil (TLW.L), opens new tab has signed an agreement with Gabon Oil Company to sell its entire working interests in Gabon for $300 million in cash, the London-listed company said on Monday, as it looks to reduce its debt burden. The West-Africa focused exploration company, which once hit a market capitalization of nearly $22 billion following major discoveries such as the Jubilee field offshore in Ghana, has been grappling with operational setbacks, weak exploration results, leadership changes and shifting investor focus towards energy transition. In December, U.S. oil and gas company Kosmos Energy (KOS.N), opens new tab explored an all-share acquisition of Tullow Oil, but walked away from its pursuit days later without providing a reason. The sale of Tullow Oil's Gabon assets — which represent about 10 thousand barrels of oil per day of 2025 production forecast — will reduce the company's net debt to $1.15 billion on a pro forma basis, it said. The company's net debt stood at about $1.45 billion as reported on January 30. The deal is expected to close around the middle of 2025.
