Tullow Oil has sold its 11% interest in the onshore M'Boundi field in Congo to the Korea National Oil Company for a total of $435m.
The M'Boundi field was discovered in May 2001 and is one of the largest oil fields to be found onshore Africa in recent years. Current production of about 37,000 bopd is expected to increase during 2008.
Tullow said it was selling the stake as it wants to reallocate capital resources to projects where it has more material participation and influence.
'This transaction provides Tullow with the financial flexibility to advance its appraisal and development programme in Ghana and Uganda and to continue the development of its business,' the company said in a statement today.
The deal is subject to approval from the government of Congo.
