Tullow takes stake in Greenland licence

Tullow Oil has taken a 40 per cent stake in a licence in Greenland as part of an agreement with Maersk Oil.

The exploration firm said Greenland's government had approved the deal, which would see Tullow take a 40 per cent non-operated equity position in the Tooq licence in Baffin Bay.

Maersk Oil has a 47.5 per cent interest in the prospect, with state oil company Nunaoil taking the remaining 12.5 per cent.

The licence, which is operated by Maersk Oil, cover more than 11,000 square kilometres.