Tullow takes on further Dutch interests

Tullow Oil has agreed to acquire Dutch North Sea specialist Nuon Exploration and Production from the Vattenfall Group for €300 million ($422.7 million).

Offshore staff

LONDON -- Tullow Oil has agreed to acquire Dutch North Sea specialist Nuon Exploration and Production from the Vattenfall Group for €300 million ($422.7 million).

Nuon E&P will bring a portfolio of 25 licenses that includes more than 30 producing fields, various near-term field development and exploration opportunities in the K quadrant, and ownership of related infrastructure. Much of this is close to Tullow’s existing Dutch exploration acreage.

The transaction should lift Tullow’s North Sea gas production by 9,000 boe/d to around 23,000 boe/d and add reserves and resources of 28 MMbboe.

05/24/2011

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