Asset sale part of wider plan to build on light oil portfolio
Tullow Oil has announced plans to sell off North Sea assets as it looks to focus on building its light oil portfolio.
The London-based group has also announced a $372m (£231m) deal to acquire the Norwegian exploration firm Spring Energy Norway.
Tullow is selling off gas exploration, development and production assets in UK and Dutch waters which account for around 18,000 barrels of oil equivalent per day.
The assets, which Tullow hopes to offload by the end of next year, have been deemed non-core to to the group's wider development plans.
Tullow chief executive Aidan Heavey said: "Active portfolio management is a key part of Tullow's exploration-led strategy.
“These transactions are part of an ongoing process of carefully refocusing our business and ensuring efficient allocation of capital by monetising non-core assets and re-investing the proceeds in high potential oil exploration.
“Our Southern North Sea gas assets are therefore no longer core to Tullow's business, which has a clear focus on light oil in Africa and the Atlantic Margins.”