Samuel Dossou-aworet-backed Tullow Oil Sells Oil Assets To Gabonese Government

Tullow Oil sells Gabon assets to government for 302 million, marking Gabon's shift towards greater control of its oil industry.

The sale marks a turning point for Samuel Dossou-Aworets influence in Gabons oil sector as foreign dominance recedes.

Tullow faces 213 million in exploration write-offs, including 145.4 million from Kenya, as it reshapes its portfolio and focuses on debt reduction.

Tullow Oil Plc, the London-listed oil and gas explorer in which Gabonese-Beninese oil magnate Samuel Dossou-Aworet holds a significant stake, has sold its Gabonese oil assets to the Gabonese government for FCFA181 billion 302 million. The sale includes Tullow Oil Gabon SA, which holds 100 percent of Tullows working interests in Gabon. The 300 million deal marks a key shift toward greater control over the countrys energy resources.

This transaction , between Tullow Oil and the Gabonese government through the Gabon Oil Company GOC, goes beyond a simple commercial exchange. It signals Gabon's first major step in decades to regain control of its oil industry, ending a long period of foreign dominance. The sale also represents a turning point for Samuel Dossou-Aworet, once the central figure in Gabons oil circles.

His influence in Gabons energy sector is waning, particularly after Petrolin Group, through a consortium called Renaissance Africa Energy Holdings, which includes Aradel Holdings, ND Western, FIRST Exploration and Petroleum Development Company, and Waltersmith Group, acquired Shell Petroleum Development Company of Nigeria SPDC . For Tullow Oil, this deal aligns with its strategy to cut down on debt, as outlined in its January Trading Statement and Operational Update, while also divesting from non-core assets.

Richard Miller, Chief Financial Officer and Interim CEO of Tullow, remarked on the deal: This transaction with Gabon Oil Company supports our priority to accelerate deleveraging, playing a crucial part in our refinancing efforts this year. Alongside GOC, we are working to finalize all documentation and ensure a smooth conclusion. With our strengthened balance sheet and planned activities at Jubilee, we are well-positioned for the future.

A senior Ministry of Oil official, speaking anonymously, commented: This is a powerful message. Gabon is regaining control of its resources and breaking free from some foreign influence networks. This shift could lead to a new era of governance, one that is more transparent and focused on the national interest. However, economist Franois Ella cautioned, Owning the assets is just the beginning. Managing and making them profitable for the people of Gabon remains the true challenge.