Tullow Oil has reached an agreement with the Gabon government allowing the producer to regain its 7.5% stake in the Onal Complex fields and the Ezanga block.
The company has been in talks with the government regarding Onal and Ezanga, formerly known as the Omoueyi exploration block, throughout 2015.
Tullow has also been granted licence extensions in Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga block in 2014.
Chief executive Aidan Heavey said:”I am very pleased that this deal has been agreed which guarantees Tullow’s long-term future in Gabon. We have had operations in Gabon for over 10 years and I look forward to investing further in Gabon over the coming decades,”
Production at the field had continued in the first half of 2015, but Tullow had not included the production, around 2,000 barrels per day net to Tullow, in its first-half results.
The new deal allows Tullow to maintain full year production guidance for West Africa at 66,000-70,000 barrels of oil per day.
“Our West African non-operated portfolio, which has Gabon at its heart, continues to perform exceptionally well, providing important and stable production for the group,” said Heavey.