The government of Gabon has extended several licences of oil firm Tullow to 2046, an official statement has said.
A statement issued by Tullow on Wednesday (9 August) said the extension is a major boost to its operation.
“Tullow is pleased to announce that it has gained approval from the Government of Gabon for the extension of several of its Gabon licences to 2046.
“The licence extensions increase the value of Tullow’s resource base through the addition of c.5mmbbls net 2P reserves that will deliver c.100% 2P reserves replacement in Gabon this year.”
“This activity is in line with the Group’s 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 statement said.
Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland, with its headquarters in London, United Kingdom.