Independent oil and gas exploration and production company Tullow Oil PLC has sold share capital of Tullow Bangladesh Ltd (TBL) for $42.35 million to KrisEnergy Asia Holdings BV.An agreement was signed in this regard with an effective date of January 1.
KrisEnergy’s Chief Executive Officer Keith Cameron said, “Tullow has built an impressive operation and team in TBL and we are looking forward to working with our new colleagues on Block 9 and on future additional opportunities in Bangladesh.”
“We are liaising closely with Tullow and the authorities to facilitate the approvals’ and transition processes in a timely and seamless manner. Our acquisition of TBL marks a significant step in KrisEnergy’s growth as we head towards our fourth anniversary of operations,” he added.
Tullow has a 30 per cent interest in and operates Block 9 on behalf of partners Niko Resources 60 percent and Bangladesh Petroleum Exploration and Production Company 10 percent.
The sale is conditional upon receipt of Government of Bangladesh and Petrobangla approvals and consents.
This sale is part of a process of portfolio management and asset monetization which forms a key part of Tullow’s exploration-led strategy.
This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea.
Tullow Oil PLC shares closed Monday at GBP11.91, valuing the company at GBP10.81 billion. UNB
