Tullow acquiring interests in North Sea gas fields

By OGJ editors

HOUSTON, Dec. 29 -- Tullow Oil PLC plans to acquire interests in Schooner and Ketch natural gas fields and associated acreage from Shell UK Ltd. and Esso Exploration and Production UK Ltd.

Tullow agreed to buy Shell's and Esso's entire producing interests in those fields for £200 million. Closing, expected in early 2005, will be effective retroactive to July 1.

Schooner and Ketch fields bring producing assets as well as development and exploration upside, enhancing Tullow's strategic position in the southern North Sea, the independent said.

Tullow plans a 3-year development program designed to increase production levels. The work program will involve working over and sidetracking existing wells and drilling new wells.

The producing interests to be acquired are 90.35% interest in Schooner field and 100% interest in Ketch field. These fields together produce 60 MMscf/d of gas, which is transported via the Caister-Murdoch system, in which Tullow holds a 17% interest.

In addition, the agreements call for Tullow to acquire minority interests in the Topaz, Marjan, and 44/27-1 discoveries.

Related Articles

OIES: US shale gas, tight-oil plays face financial woes

04/07/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

Anadarko settles legacy claims against Kerr-McGee for $5.15 billion

04/07/2014 Anadarko Petroleum Corp. and subsidiaries it acquired when it bought Kerr-McGee Corp. in 2006 agreed to pay $5.15 billion to settle fraudulent conv...

LNG Ltd. unit appoints top executives

04/07/2014 Liquefied Natural Gas Ltd. has named John G. Baguley as chief operating officer and Rick R. Cape as chief commercial officer for the company’s whol...

Talisman aims to divest Timor Sea assets

04/07/2014 Talisman Energy Inc., Calgary, has placed its Timor Sea production interests up for sale in a move to exit the Kitan and Laminaria-Corallina oil fi...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected