Tullow Oil has completed the sale of its non-operated interests in Gabon to the state-owned Gabon Oil Company (GOC) for $307 million. This marks a strategic shift in the UK-based firm’s portfolio and ends its more than 20-year presence in the Central African country.
The assets transferred are estimated to yield around 10,000 barrels per day in 2025. Tullow says the deal will enable it to focus on its core operated assets in Ghana and Côte d’Ivoire. Proceeds from the sale will help repay $150 million on its revolving credit facility and strengthen its financial position.
The African Energy Chamber (AEC) welcomed the transaction, calling it a strong indicator of Africa’s growing capacity to manage its energy assets through national and regional companies.
“This deal is not just about asset transfers, but about momentum,” said NJ Ayuk, Executive Chairman of the AEC. “African companies are stepping up, taking on more responsibility, and proving their ability to manage complex upstream operations.”
The move highlights a growing trend where national oil companies (NOCs) like GOC are taking on greater operational roles. Since its establishment in 2011, GOC has steadily expanded its portfolio and now stands among a rising group of African NOCs with both commercial and technical capabilities.
Rather than signalling a withdrawal by foreign firms, the AEC says this evolving landscape creates room for new forms of partnership, where African and international players work collaboratively. Local companies bring market insight, networks, and a long-term stake in regional growth.
As Africa’s energy sector matures, this balanced model is expected to drive sustainable development and unlock value across the continent.
