Exploration company Tullow Oil has completed the first stage of the purchase of the Thames Hewett Package, the second of two packages of North Sea gas assets which the company agreed to purchase from BP for a maximum of £201 million following BP's takeover of ARCO last April.
The first portion of the acquisition, the Murdock-Boulton Package, was completed in February.
The Thames Hewett package contains 13 producing fields, six discoveries and a number of exploration prospects. The gas from the Thames field is sold under a long-term contract while the gas from Hewett is uncontracted and is sold on the open market.
Commenting on the latest development, Tullow's Managing Director Aidan Heavey said that the acquisition and the related cash flow would be used as the engine for the company's future UK and international development and exploration activities.
