Sale of Tullow Bangladesh to KrisEnergy Asia Holdings

Source: www.gulfoilandgas.com 4/9/2013, Location: Asia

Tullow Oil plc (Tullow) through its subsidiary, Tullow Oil International Limited, has signed an agreement with KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia Limited, for the sale of 100% of the share capital of Tullow Bangladesh Limited (TBL). The consideration is $42.35 million with an effective date of 1 January 2013.

Tullow has a 30% interest in and operates Block 9 on behalf of partners Niko Resources (60%) and Bangladesh Petroleum Exploration and Production Company (BAPEX) (10%). The 1,770 sq km block includes the Bangora gas producing facility and the Lalmai discovery. During 2012, gross production from the Bangora field averaged around 100 mmscfd and 300 barrels of condensate per day. The sale is conditional upon receipt of Government of Bangladesh and Petrobangla approvals and consents.

Aidan Heavey, Chief Executive Officer of Tullow Oil plc, commented,“I am pleased that the sale and purchase agreement of Tullow’s Bangladesh assets has successfully been signed. This follows the announcement of our plans to sell our Asian assets in March 2012. After 16 years of successful operations in Bangladesh, I wish the new owners of these assets and their staff well.

This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea.”


Norway >>  7/1/2022 - TGS ASA has acquired Prediktor AS ("Prediktor"), a leading provider of asset management and real-time data management solutions to renewable and energ...
Norway >>  7/1/2022 - TGS ASA has been named a successful bidder in the auction process conducted in connection with ION Geophysical Corporation’s (ION) Chapter 11 bankrupt...

Scotland >>  7/1/2022 - KNOT Offshore Partners LP announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has acquired KNOT Shuttle Tankers 35 AS, the company th...
United States >>  7/1/2022 - Chord Energy Corporation announced the successful completion of the combination of Whiting Petroleum Corporation ("Whiting") and Oasis Petroleum Inc. ...

United States >>  7/1/2022 - American Energy Partners, Inc., an environmental service company, announced that it has acquired Austin Master Services, LLC (“Acquisition”) located i...
Norway >>  6/30/2022 - In reference to the 26 January press release stating that Green Energy Group (SBX Plc, or "the Company") had initiated a strategic review, and the 28 ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.