Tullow Exits Gabon as State Oil Firm Takes Control in $307M Deal
Tullow Oil has officially ended its operations in Gabon after completing the $307 million sale of its non-operated assets to Gabon Oil Company (GOC), the country’s state-owned petroleum firm. The deal, which covers production interests contributing roughly 10,000 barrels per day in 2025, marks a major shift in both Tullow’s corporate focus and Gabon’s growing ownership of its energy resources.
This transaction strengthens GOC’s portfolio and positions the company to play a more prominent role in managing Gabon’s upstream oil sector. The African Energy Chamber (AEC) has welcomed the move, calling it a positive signal of Africa’s energy sector maturing beyond dependence on foreign operators.
“This is not simply a divestment. It’s a sign of rising confidence and competence among African energy companies,” said NJ Ayuk, Executive Chairman of the AEC. “African national oil companies are increasingly stepping up to manage complex assets and drive energy development on their own terms.”
For Tullow, the exit from Gabon allows the UK-based firm to double down on its core assets in Ghana and Ivory Coast. Proceeds from the deal will be used to repay $150 million on its revolving credit facility, improving liquidity and reinforcing its streamlined investment approach.
Established in 2011, Gabon Oil Company has been steadily building its technical and operational capabilities. With this acquisition, it moves beyond the role of a passive resource holder to a full-fledged operator, reflecting a broader trend across Africa where state-backed firms are becoming active players in the continent’s energy future.
Industry analysts say this shift aligns with Africa’s ambitions for stronger local content and long-term energy resilience. The AEC believes such deals foster deeper collaboration between global investors and African institutions, balancing international expertise with homegrown leadership.
