Tullow Oil pulls out 50 of its work force in Norway

Tullow Oil pulls out 50 of its work force in Norway

Tullow Oil is pulling the plug on its Norwegian operations in light of “on-going challenges presented by a low oil price”.

The move will result in 50 jobs losses.

London-headquartered Tullow is primarily focused on exploration in Africa but gained significant acreage in Norway following its acquisition of Spring Energy in 2013.

According to the FTSE 250-listed firm’s website, Tullow has 34 Norwegian licences and had plans to drill four exploration wells in 2016.

Tullow will now divest its Norwegian portfolio to allow it to concentrate on developing assets in Africa and South America.

A spokesman for the company said: “Tullow Oil has made a decision to sell its exploration and development licences in Norway and exit the country.

“It has submitted notifications to the relevant authorities and has commenced a consultation process with its staff.

“This difficult decision has been made in response to the ongoing challenges presented by a low oil price and the need to prioritise our investment in our core portfolio in Africa and South America. We also need to consolidate our cost base.

“We will, of course, fulfil all our commitments on our existing licences and honour all our obligations to staff.”

Related News:Statoil to buy stake in Tullow Uruguay Ltd

As seen in the companys site Norwegian oil company Statoil has signed a farm-in agreement with the London-listed Tullow to acquire a 35% working interest in offshore exploration block 15 in the Pelotas basin, strengthening its position in Uruguay.

“With this transaction, we are increasing our exposure to the upside potential of this untested geological setting. This is in line with Statoil’ exploration strategy of access at scale,” says Nicholas Alan Maden, senior vice president of Exploration.

The Norwegian oil firm just recently entered the South American country as partner in exploration block 14. By accessing the adjacent block 15 Statoil continues to pursue this regional geological trend.

Block 15 covers an area of more than 8,000 km2 and sits in water depth of 2,000-3,000 meters. Tullow Uruguay Limited. Sucursal Uruguay remains the operator with 35% working interest, while

INPEX Uruguay Limited holds the remaining interest. The transaction is subject to government approval.

Leave a Comment

Your email address will not be published. Required fields are marked *

Special Discount

 *Limited period offer.

Sign up and get 10% off every epochem chemical purchase

Scroll to Top
Scroll to Top