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.
-
HMRC slaps pensioners with record high surprise tax bills - do you owe the taxman money?
More than a million people face surprise tax bills by HMRC, including thousands of pensioners, as triple lock pushes more retirees into taxable income brackets
-
Chase to launch its first ever credit card next month
Chase bank has been piloting its first-ever credit card to select employees and customers since November, but will roll it out to all customers from June, MoneyWeek can reveal. While the bank has become popular for current and savings accounts, will its credit offering be just as favoured?