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.

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.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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