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Gabon National Oil Company successfully closes Tullow Oil Gabon asset acquisition

LIBREVILLE – Gabon National Oil Company (GOC) is pleased to announce the successful completion of the acquisition of 100% of the shares in Tullow’s subsidiary, Tullow Oil Gabon S.A, for a total cash consideration of USD 307 million of net tax and customary adjustments.

Tullow Oil Gabon S.A. holds all of Tullow’s non-operated working interests in Gabon, representing  approximately 10 kbopd of 2025 expected production and approximately 36 million barrels of 2P reserves (independently audited at year-end 2024). Gunvor provided financial support to GOC for a portion of the acquisition costs.

“Gunvor is pleased to expand upon our existing partnership with GOC for this strategic acquisition,” said Tawfik Sadfi, Gunvor’s Global Head of STF & STF Business Development & Origination. “Gunvor’s global market expertise and financing capabilities complement well Gabon’s energy agenda.”

“After the acquisition of Assala Energy Holdings Limited a year ago, this new business acquisition aligns perfectly with our strategic goals as national oil company, namely to help the Gabonese State maximise its oil revenues and reinforce control over the country’s oil and gas reserves,”’ said Mr. Marcellin Simba Ngabi, GOC’s Chief Executive Officer.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by trading volume, creating logistics solutions that safely and efficiently move physical energy from where it is sourced to where it is demanded most. With strategic investments in industrial infrastructure (refineries, pipelines, storage and terminals), Gunvor further generates sustainable value across the global supply chain for its customers. Gunvor trades in more than 100 countries with three main trading hubs in Geneva, Singapore and Houston, along with other trading offices in Stamford, Dubai, London and Shanghai, supported by a network of more than 20 representative and other trading offices around the globe.