Africa-focused independent oil and gas company, Tullow Oil Plc, has secured an extension of multiple licenses from Gabon, allowing them to operate until the year 2046.
Tullow officially announced this development on Wednesday, in a statement, Energy News Africa reports. According to the company’s statement, this license extension marks a significant advancement for their operations.
Tullow expressed its satisfaction in receiving approval from the Gabonese Government for extending their licenses. The granted extensions contribute to Tullow’s asset value by incorporating approximately 5 million barrels of net 2P (Proven and Probable) reserves.
This addition is expected to achieve around 100% reserve replacement in Gabon within the current year.
Tullow’s strategic focus aligns with this move, as they prioritize maximizing returns from their high-yield production assets in Africa. The company aims to enhance value by optimizing its non-operated portfolio.
These license extensions underscore the promising future potential of reserves and resources within Gabon’s assets.
Additionally, they emphasize the enduring significance of the Tchatamba facilities as a central hub for Tullow’s operations.