Tullow Sells Dutch Gas Assets to Mercuria’s Subsidiary

UK-based Tullow Oil announced on Friday that its subsidiary Tullow Exploration & Production B.V. is set to divest from Dutch North Sea.

“The sale of the Tullow’s interests in Blocks L & Q is a further step towards the Group’s planned divestment of our North Sea gas assets in order to focus our business on conventional light oil,” Aidan Heavey, Chief Executive of Tullow Oil plc, commented on Friday.

Tullow entered into an agreement to AU Energy B.V., a subsidiary of Mercuria Energy Group, for a consideration of €62.7 million (US$81.1 million).   

The company said that it will revise its guidance for North Sea production accordingly. 

“The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of US$75.6 million is on track to complete before the end of the year, and the divestment of our remaining UK & Dutch gas assets is progressing well,” Heavey added.