10
Aug
Africa-focused independent Tullow Oil has received approval from Gabon's government for the extension of several of its licences until 2046, which boosts its resource base in the country. Tullow on Wednesday confirmed the licence extensions increase the value of its resource base through the addition of around 5 million barrels of net 2P — proven and probable — reserves that will deliver approximately 100% 2P reserves replacement in Gabon this year. “This activity is in line with the group’s strategy to focus on its high-return production assets in Africa and unlock value through optimisation of its non-operated portfolio,” said the…