Tullow has announced the approval from the Government of Gabon for the extension of several of its Gabon licences to 2046.
“The licence extensions increase the value of Tullow’s resource base through the addition of about five million barrels (c.5MMbbls) net 2P reserves that will deliver c.100% 2P reserves replacement in Gabon this year”, Tullow explains in a release.
Tullow’s net production in Gabon in 2022 was 14,900Barrels of Oil Equivalent Per Day (14.9KBOEPD).
The company said of the licence extension: “This activity is in line with the Group’s strategy to focus on its high return production assets in Africa and unlock value through optimisation of its non-operated portfolio.
“The extensions reflect the future potential of the reserves and resources across the Gabonese assets and the longevity of the Tchatamba facilities as a core hub for Tullow”.