Tullow Oil planning to acquires ENI's equity in North Sea Thames gas fields

The UK-based Tullow Oil PLC agreed to buy 23.33% interest from ENI SPA of Italy in the southern North Sea's Thames gas fields and the associated license interest, P037 (Block 49/28).

July 21, 2003

By OGJ editors
HOUSTON, July 21 -- The UK-based Tullow Oil PLC agreed to buy 23.33% interest from ENI SPA of Italy in the southern North Sea's Thames gas fields and the associated license interest, P037 (Block 49/28).

The transaction is worth £5.2 million, said Tullow, which already has 43.33% interest in Thames fields (OGJ Online, June 20, 2001).

The net remaining reserves attributed to the latest interest being acquired are estimated at 10 bcf of sales gas. Gas associated with this interest is sold on long-term contract to British Gas Trading as is gas produced from Tullow's existing interest.

Completion is expected in late 2003 subject to governmental approvals. Upon closing, Tullow Oil will have 66.67% interest.

Last month, Tullow agreed to purchase interests in three North Sea licenses involving various equity interests in Southern Gas basin blocks from BP PLC (OGJ Online, June 5, 2003).