Tullow agrees sale of 10 gas blocks

Tullow Oil has agreed to the sale of its share in 10 Caister-Murdoch System (CMS) area blocks in the North Sea to Venture Production…

Tullow Oil has agreed to the sale of its share in 10 Caister-Murdoch System (CMS) area blocks in the North Sea to Venture Production for £35 million (€44.3 million).

According to Tullow most of the blocks lie in the western CMS area and include six undeveloped discoveries and two pure exploration blocks.

Any future developments on these 10 blocks are likely to pass through the CMS infrastructure, generating additional tariff income for the company.

The deal, which is subject to approval, is expected to complete by the end of May 2008.