Wed, 12 Dec 2012 | BUSINESS SALE
Plans have been announced by Tullow Oil to sell off the company's assets in the UK and Dutch Southern North Sea.
Collectively the assets work to generate around 18,000 barrels of oil equivalent a day, with about 12,000 coming from UK offshore locations.
However, as far as Tullow sees things, the sale is taking place because the exploration, development and production assets are non-core and don't have a place in the company's now light oil-focused portfolio.
Aiden Heavey, chief executive of the group, commented: “Active portfolio management is a key part of Tullow's exploration-led strategy. These transactions are part of an ongoing process of carefully refocusing our business and ensuring efficient allocation of capital by monetising non-core assets and re-investing the proceeds in high potential oil exploration.”
He added that the acquisition of Spring Energy Norway for around £230 million “adds a material portfolio of oil exploration assets and high quality people that will provide a superb foundation for building our portfolio and expertise in the highly prospective North Atlantic”.
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