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 to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published