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Tullow sells North Sea stakes to Italy's Eni
10.06.08
Soaraway FTSE 100 oil explorer Tullow Oil sold part of its interests in the North Sea today and reported more good news out of Africa, where its focus is now being more acutely trained.
Tullow, which has replaced Cairn Energy as the stellar stock among the UK independents, is selling its 51% stake in the Hewett Unit gas fields in the southern North Sea as well as its stake in the Bacton terminal in Norfolk to Eni, the Italian oil major, for £210 million. Eni will now have 89% control of the fields.
Chief executive Aidan Heavey said the deal was part of a restructuring of Tullow's assets in the North Sea. "It will free up capital and leaves Tullow ideally placed to fund major growth anticipated over the coming years," he said.
Tullow today reported its latest "excellent" drilling results off the coast of Ghana in west Africa, where it has high hopes for the Jubilee field.
