Tullow in talks to sell assets but early deal is not expected

Tullow Oil has entered talks aimed at selling off its non-core Asian assets, but no deal is expected to conclude before the end of the year.

The Irish-founded oil and gas exploration and production company has eight licences across Pakistan and Bangladesh, but these assets have long been viewed as non-core, as management focussed on Africa and, to a lesser extent, South America and northern Europe.

Speaking after yesterday’s Irish shareholders meeting in Dublin, Tullow’s chief executive, Aidan Heavey said that management began the sales process regarding Asia within the last month and that talks had begun with a few companies.