Tullow Oil agrees North Sea gas assets sale

Friday 05 September 2014 07.35
Tullow Oil agrees North Sea assets deal with AU Energy
Tullow Oil agrees North Sea assets deal with AU Energy

Exploration company Tullow Oil has reached an agreement to sell its Dutch subsidiary with various North Sea gas assets for just under €63m.

AU Energy, a subsidiary of the Swiss commodity group Mercuria Energy, is the buyer.

"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," commented the company's CEO Aidan Heavey.

He said the previously announced deal to sell part of Tulllow's interests in the UK Schooner and Ketch unit to Faroe Petroleum for $75.6m is on track to complete before the end of the year.

The divestment of its remaining UK & Dutch gas assets is progressing well, he added.