Tullow Oil in new acquisition
UK firm Tullow Oil is buying a Norwegian exploration company.
Posted by Ron Maverick
British firm Tullow Oil has announced plans to acquire Norwegian exploration firm Spring Energy.
Sales negotiations have concluded a deal for Tullow to buy the Scandinavian company for $372 million (£231 million), with the purchase being backdated to have an effective date of September 1st.
The move is part of a reorganisation of assets that will see Tullow selling off its exploration, development and production assets in the UK and Dutch Southern Sea gas basin.
Chief executive of Tullow Aidan Heavey said: "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."
Other recent oil asset transactions include the acquisition of a number of oil and gas field assets held by BP in the Gulf of Mexico by Texas-based Plains Exploration and Production, which is paying $5.5 billion for them.