By OGJ editors
HOUSTON, Feb. 1 -- Korea National Oil Co. has acquired Tullow Oil PLC's 11% interest in M'Boundi oil field in Congo (Brazzaville) for $435 million.
Tullow wants to concentrate on its core growth areas, said Aidan Heavey, Tullow chief executive. The transaction remains subject to approvals by partners and by the Congo government.
Eni SPA operates M'Boundi field, which currently produces 37,000 b/d of oil. Tullow acquired its stake in M'Boundi through the acquisition of Energy Africa in 2004. Maurel & Prom of Paris discovered M'Boundi in May 2001.
