Tullow farms in to Tooq licence off cost of Greenland
Irish oil titan Tullow Oil is to take a stake in Block 9 (Tooq licence), Baffin Bay, north-western Greenland, which is operated by Maersk Oil.
Irish oil titan Tullow Oil is to take a stake in Block 9 (Tooq licence), Baffin Bay, north-western Greenland, which is operated by Maersk Oil.
Tullow will take a 40% stake, putting its interest just behind Maersk's at 47.5%; Greenland's state oil company, Nunaoil, holds the remaining interest in the licence.
The Tooq licence covers an area of 11,802 square kilometres and the work programme for 2012-2014 includes the acquisition and processing of three-dimensional seismic data.
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Seismic acquisition of some 1,850 square kilometres has been completed following the submission and approval of a full environmental impact assessment and the results are being evaluated.
The decision on whether to enter the next phase and drill an exploration well on the Tooq licence will be made after the seismic evaluation has been completed.
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