Tullow Oil has reached agreement with the government of Gabon over its licenses in the Onal Complex fields, the company said in a news release.
Following negotiations, Tullow has regained its 7.5% stake in the Onal Complex producing fields and the Ezanga block (formerly the Omoueyi exploration block). In addition, Tullow said it has been granted license extensions in the Onal Complex fields until 2034 and has gained access to two small oil discoveries made within the Ezanga Block in 2014.
In return for access to these discoveries, Gabon and Tullow agreed that the effective date of the new license will be Aug. 1, 2015, according to the release. The successful conclusion of this matter allows Tullow to maintain full year production guidance for West Africa at between 66,000 and 70,000 barrels of oil per day.
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