The Gabonese government, through its national hydrocarbons company, Gabon Oil Company (GOC), has finalised the purchase of Tullow Oil Gabon, a subsidiary of the British company Tullow Oil Plc, for $300 million. The acquisition, announced in an official Tullow Oil Plc press release, is part of Gabon's strategy to consolidate its economic sovereignty and regain control of its oil resources.
This transaction marks a new stage in the country's energy policy, following the acquisition of Assala Energy in 2023. With this transaction, Gabon recovers all of Tullow's oil assets on its territory, representing an annual production of 12,200 barrels of oil in 2023. Combined with the previous acquisition of Assala Energy, which increased GOC's production to 70,000 barrels per day, this new operation will give the national company a capacity of 82,000 barrels per day, according to estimates by the Gabonese authorities.
For the Gabonese government, this takeover illustrates a clear desire to strengthen its grip on a strategic sector. Created in 2011, Gabon Oil Company has become a major player in the national oil industry, consolidating its position after years of dependence on foreign operators. "This acquisition is in line with our ambition to maximise the value of our natural resources for the benefit of Gabon's economic development," emphasised official sources.
For Tullow Oil Plc, the sale is part of a strategy to reduce debt and refocus its strategy. Richard Miller, Tullow's Chief Financial Officer and Acting Chief Executive, said: "This value-creating transaction with Gabon Oil Company significantly accelerates our deleveraging and is a key step in implementing our refinancing plans for 2025. The UK-based company, which has faced financial challenges in recent years, sees this transaction as an opportunity to streamline its operations while freeing up cash.
With production now under national control at 82,000 barrels a day, Gabon is positioning itself as a key player in the management of its oil resources. The acquisition of Assala Energy had already marked a turning point by significantly increasing GOC's capacity, and this new acquisition reinforces this momentum. Tullow Oil Gabon's assets, while modest compared with other oil giants, make a significant contribution to national production and offer prospects for long-term growth.
This operation comes at a time when oil-producing countries are seeking to rebalance their relations with oil multinationals, which are often perceived as capturing a large share of the wealth generated. For Gabon, whose economy is still largely based on oil, this strategy could pave the way for a better redistribution of revenues and increased investment in other sectors.
While the acquisition has been hailed as a victory for economic sovereignty, it also raises questions about GOC's ability to manage these new assets effectively. The national company will have to rise to the challenge of maintaining production levels while optimising costs, in a global oil market marked by price volatility and the energy transition.
In the meantime, the takeover of Tullow Oil Gabon confirms Gabon's ambition to regain control of its oil industry. An ambition which, if well executed, could redefine the contours of its economy for years to come.
