IN BRIEF: Tullow gets Gabon approval for licences extension to 2046
Tullow Oil PLC - oil and gas producer in Ghana, Gabon and Ivory Coast - Gains approval from the Gabon government for the extension of several of its licences in the west African country to 2046. Says the extensions increase the value of its resource base through the addition of around 5 million barrels of net 2P reserves that will deliver an estimated 100% of 2P reserves replacement in Gabon this year. Says move is in line with its strategy to focus on its high return production assets in Africa and unlock value through optimisation of its non-operated portfolio. "The extensions reflect the future potential of the reserves and resources across the Gabonese assets and the longevity of the Tchatamba facilities as a core hub for Tullow," the company says. Read More