A Review of the Nigerian Energy Industry

Tullow continues sell-down

13 October 2014, News Wires – UK independent Tullow Oil has closed a deal to sell off its interest in two assets in the UK North Sea for a total of $75.6 million.

UK independent Tullow Oil has closed a deal to sell off its interest in two assets in the UK North Sea for a total of $75.6 million.

Tullow Oil sign

The company has divested a 53.1% interest in the Schooner unit and 60% of its Ketch asset interest to Faroe Petroleum.

After the deal is closed, Tullow will retain a 40% interest in the assets.

As part of a wider asset sell down of assets, Tullow is marketing its southern North Sea gas assets in the UK, while in the Netherlands an agreement has been signed to sell off its interests in blocks L12/L16, Q4 and Q5 to Mercuria Energy for about $81.1 million.

Tullow has also raised approximately $7.5 million by selling its stake in the Brage field off Norway to Wintershall.

“These transactions, the sale of Tullow’s gas assets in Bangladesh, and the agreement to sell the Pakistan business, is aligned with the group’s strategy of active portfolio management and monetisation of assets,” said a Tullow statement.

The company had a tough first half-year, with exploration write-offs totalling $415 million.

 

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