KrisEnergy to buy Tullow Bangladesh

KrisEnergy Asia Holdings BV plans to buy Tullow Bangladesh Ltd. from Tullow Oil International Ltd. for $42.35 million. Tullow last year announced plans it intended to sell its Asian assets.

The transaction’s closing awaits approvals from the Bangladesh government and Bangladesh’s state oil firm Petrobangla.

KrisEnergy Asia Holdings is a subsidiary of KrisEnergy Asia Ltd.

Tullow has a 30% interest in and operates onshore Block 9 on behalf of partners Niko Resources, 60% interest, and Bangladesh Petroleum Exploration & Production Co., 10% interest.

The 1,770 sq km block includes the Bangora gas producing complex and the Lalmai discovery (OGJ Online, June 13, 2004).

During 2012, gross production from Bangora field averaged around 100 MMscfd and 300 b/d of condensate.

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