Tullow agrees South America licence deal

17th May 2010 07:46

Tullow Oil has signed a heads of agreement with Staatsolie in relation to Block 47, a 2,369 sq km deepwater exploration licence offshore Suriname. The signing will enable the parties to finalise a production sharing contract for the Block and enhance Tullow's portfolio of high-impact exploration acreage in the emerging Suriname-Guyana Basin. Tullow will operate the licence with a 100% interest during the exploration phase. Exploration director Angus McCoss said: "Tullow is very pleased to have signed this heads of agreement with Staatsolie for such an exciting block in the Equatorial Atlantic region of South America." "The group is seeking to replicate the transformational success achieved with the Jubilee field in Ghana and this new acreage complements our existing positions in Guyana and French Guiana."