Tullow sells majority stakes in two UK North Sea gas fields

Tullow Oil has sold its majority stakes in two UK North Sea gas fields for $75.6 million (£45 million) plus royalty payments on future developments.

The exploration group said today it had sold 53.1 per cent and 60 per cent operating equity in the Schooner and Ketch gas fields to Faroe Petroleum.

The fields were acquired 10 years ago from Shell and Exxon Mobil.

Tullow will retain a 40 per cent equity holding in each field.

In an interim management statement, the company said it was maintaining its 2014 production target at between 79,000 and 85,000 barrels of oil equivalent per day.

Tullow Oil's chief executive Aidan Heavey said: "Progress with the sale of Tullow's Southern North Sea gas assets has been made with a farm-down of the Schooner and Ketch fields agreed and conclusion of our Pakistan asset sale is expected in the coming months."

"With high-impact well results expected in the coming months from new and existing basins in Kenya, Ethiopia, Gabon and Norway, there is much to look forward for the remainder of the year and beyond."

Tullow, which is quoted on the Irish, London and Ghanaian stock exchanges, has interests in over 140 exploration and production licences across 24 countries.