Exploration company Tullow Oil has agreed a deal with KrisEnergy Asia Holdings for the sale of 100% of the share capital of Tullow Bangladesh Limited.
The company said the deal is worth $42.35m.
Tullow has a 30% interest in and operates Block 9 on behalf of partners Niko Resources (60%) and Bangladesh Petroleum Exploration and Production Company (BAPEX) (10%).
The 1,770 sq km block includes the Bangora gas producing facility and the Lalmai discovery.
Tullow said that the sale is conditional on approval from the government of Bangladesh. It has been operating for the past 16 years in the country.
Aidan Heavey, chief executive of Tullow, said the sale is part of the company's plans to sell its Asian assets.
''This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea,'' he added.
