Tullow Oil seals Suriname deal with Statoil
Tullow Oil, the independent oil major, has sold a 30% stake in its exploration operations in Suriname to the Norwegian company Statoil.
Tullow Oil, the independent oil major, has sold a 30% stake in its exploration operations in Suriname to the Norwegian company Statoil.
Suriname, a country on the northeastern coast of South America, claims its resources are virtually unexplored with only 22 exploration wells drilled in an area of approximately 150,000 square km.
Tullow is looking for black gold off-shore in the imaginatively named "Block D". A 2000 square kilometre seismic survey of the block is due to start immediately and the investment from Statoil will reduce Tullow's risk.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting on the deal Angus McCoss, Exploration Director at Tullow said the deal "reflects our approach to sharing geological risks and realising early value in an exciting frontier exploration campaign."
In further news Tullow also reported that its Teak-3A appraisal well off the coast of Ghana has been a success. The well confirmed a northern extension of the Teak discovery on the West Cape "Three Points" Block .
Tullow shares are up 5.87% on the year and 229% over the last five years. Since the open they have fallen 0.45%
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
The MoneyWeek Readers' Choice Awards 2025
MoneyWeek Awards The MoneyWeek Readers' Choice Awards celebrate the products and services that help you make, keep and spend your money. Find out more about this year's awards.
By MoneyWeek Published
-
8 of the best houses for sale with home cinemas
Houses for sale with home cinemas – from a modern oast-house style property in Kent to a house in Buckinghamshire with Dolby sound and bespoke seating
By Natasha Langan Published