Tullow completes Spring deal in Norway

Tuesday 22 January 2013 12.14
Tullow says Spring Energy deal has already reaped success
Tullow says Spring Energy deal has already reaped success

Tullow Oil has completed a deal to buy Spring Energy Norway. The deal was first announced in December.

The company said the acquisition has already brought it success.

Spring last week was awarded 13 licences, of which four are operated, in Norway’s competitive 2012 awards in predefined areas licensing round.

Tullow said the new licences are ''highly complementary and mostly adjacent to current acreage held''.

The new acreage is located in all three areas of the highly prospective Norwegian Continental Shelf - North Sea, Norwegian Sea and the Barents Sea.

“I am delighted to welcome our new colleagues to Tullow and I look forward to working with them. The quality of their business and staff has been underlined by their exceptional performance in Norway’s most recent licensing round in which over 40 Norwegian and international companies participated,'' commented Tullow's chief executive Aidan Heavey.