Tullow Oil agrees sale of Bangladesh operations

Deal with KrisEnergy Asia Holdings said to be worth $42.35m

Tullow Oil director Keith Mutimer and chief executive Aidan Heavey at Tullow's FPSO facility.Tullow Oil director Keith Mutimer and chief executive Aidan Heavey at Tullow’s FPSO facility.

Exploration company Tullow Oil has agreed the sale of its Bangladesh operations to KrisEnergy Asia Holdings in a deal worth $42.35 million.

The Irish and London listed oil explorer has a 30 per cent interest in and operates Block 9 on behalf of partners Niko Resources (60 per cent) and Bangladesh Petroleum Exploration and Production Company (10 per cent).

The 1,770 sq km block includes the Bangora gas producing facility and the Lalmai discovery.

Tullow chief executive Aidan Heavey said he was pleased that the sale and purchase agreement of Tullow’s Bangladesh assets has successfully been signed.

“This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea,” he added.

The sale is conditional upon approval from the government of Bangladesh. Tullow has been operating in the country for the last 16 years.

Source: Irish times


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