Tullow expands its oil interests

TULLOW Oil, which is engaged in both oil exploration and production, has announced two significant developments for the group yesterday.

The first is the announcement by French oil giant, Total, of its acquisition of a 25% interest in the Guyane Maritime Permit from Hardman Petroleum France SAS, an affiliate of Tullow.

The permit, located approximately 150km off the coast of French Guiana, covers an area of about 32,000sq km in water depths ranging from 2,000 to 3,000 metres.

This deal complements Total’s portfolio in deep water acreage in a new oil exploration region for the group, the Total statement said.

With the acquisition of an interest in the Guyane Maritime Permit, Total will be able to bring its expertise in deep water exploration program in the region, the company said.

Under the new partnership structure Tullow’s affiliate, Hardman Petroleum is operator of the permit and holds a 39.5% interest.

Elsewhere Kosmos Energy, the operator of the Odum-2 appraisal well offshore Ghana, in which Tullow is a 22.896% partner said that this appraisal confirmed the company’s oil discovery made in early 2008 offshore Ghana.

The results of drilling highlight the presence of net hydrocarbon-bearing sands that will add to the discovery previously made in the original Odlum 1 well, the company said.