State-owned Gabon Oil Company has signed a binding Heads of Terms agreement with independent energy company Tullow Oil to acquire Tullow’s entire asset portfolio in Gabon for $300 million. A full sale and purchase agreement is expected in Q2 2025.

The deal includes a production portfolio of 10,000 barrels per day and 36 million barrels of 2P reserves. The transaction will reduce Tullow’s net debt to $1.15 billion, supporting the company’s strategy to divest non-core assets.

According to Richard Miller, Chief Financial Officer and Interim CEO at Tullow Oil, the transaction “aligns with our strategic priorities to materially accelerate deleveraging and is an important step as we progress our refinancing plans this year.”