GABON: Operations Unaffected by Political Crisis – Tullow Oil

Tullow Oil has reported that its production activities from its fields in Gabon remains unaffected by the ongoing political activity in the country and the Group continues to work closely with the operators of its fields to ensure the safe continuation of operations.

Net production from the non-operated portfolio averaged 14.3 kboepd in the first half of 2023, in line with expectations, and full year net production forecast remains c.14 kboepd.

Production from Gabon averaged 12.8 kbopd net in the first half of 2023. In April 2023, a cashless asset swap was agreed with Perenco Oil and Gas Gabon S.A. to optimise Tullow’s equity ownership across key fields in Gabon. The deal delivers a more balanced portfolio of discovered resources, appraisal and exploration assets, with the Tchatamba facilities placed as a core hub for Tullow.

ILX drilling continued in Gabon with the Akoum B appraisal well which was plugged and abandoned in the second quarter of 2023 after encountering insufficient resources to justify development. Within the Simba and DE8 licences, several low-risk and compelling investment options are being high-graded for near term drilling programmes.

Tullow announced in August that it had gained Government approval for the extension of several of its Gabon licences to 2046 reflecting the future potential of these Gabon fields and the longevity of the Tchatamba facilities. The extension is expected to add c.5mmbbls net 2P reserves, which would deliver c.100% 2P reserves replacement in Gabon this year.