Tullow Oil has struck a deal to sell off its Netherlands gas assets for $81.1million.
The move is part of a wider group strategy to divest its North Sea assets and refocus the business on leveraging conventional light oil.
AU Energy, a subsidiary of Mercuria Energy Group, has purchased the operated and non-operated interests in blocks Q4 and Q5.
Subsidiary, Tullow Netherlands, was also packaged up as part of the deal. By the time the purchase is final – currently projected for the end of the year – Tullow Netherlands will hold all of Tullow Oil’s L12/L15 and Q4 and Q5 interests.
Those interests comprise of seven licences and six developed fields currently producing 1,500 boepd.
Chief executive Aidan Heavey said: “The sale of the Tullow’s interests in Blocks L & Q is a further step towards the Group’s planned divestment of our North Sea gas assets in order to focus our business on conventional light oil.
“The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of $75.6million is on track to complete before the end of the year, and the divestment of our remaining UK & Dutch gas assets is progressing well.”
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