Tullow Oil strikes deal with Gabon over Onal Complex fields

Tullow Oil has reached an agreement with the government of Gabon over its licences in the Onal Complex Fields, regaining its 7.5% stake in the Onal Complex producing fields and the Ezanga block.

In addition, the oil and gas exploration and production group has been granted licence extensions in the Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga block in 2014.

In return for access to these discoveries, Tullow has been agreed that the effective date of the new licence will be 1 August 2015.

Tullow said the resolution of this matter allows it to maintain full-year production guidance for West Africa at 66,000-70,000 barrels of oil per day.

Chief executive Aidan Heavey said: “I am very pleased that this deal has been agreed which guarantees Tullow's long-term future in Gabon. We have had operations in Gabon for over 10 years and I look forward to investing further in Gabon over the coming decades.

Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the group.”