Strategic divestment positions company to focus on Ghana assets
Tullow Oil has officially signed a landmark $300 million deal with Gabon Oil Company, offloading 100% of its Gabon operations in a move that promises to transform the company’s financial outlook. The transaction, first announced in March, marks a pivotal moment in Tullow’s strategic pivot toward its core assets.
“We continue to make strong progress towards completing this strategic, value accretive divestment of our Gabon assets, with the signing of the SPA,” said Richard Miller, Tullow’s Chief Financial Officer and Interim CEO. “The proceeds, expected in the coming months, will materially reduce our net debt and strengthen our balance sheet, which positions us well as we look to optimize our capital structure.”
The transaction underscores Tullow’s determination to focus exclusively on its high-performing Ghana portfolio while creating meaningful value for stakeholders. Industry analysts view this as a bold but necessary move to streamline operations in an increasingly competitive energy landscape.
SOURCE: worldoil.com
