Tullow buys in Norway, plans Netherlands exit

Tullow Oil, the Irish-founded driller, will acquire Norway’s Spring Energy AS for $372m (€286m) to add prospects in the North, Norwegian, and Barents Seas.

At the same time, Tullow plans to exit the Netherlands by selling its southern North Sea gas assets.

The fields, some of which were only acquired last year, produce about 18,000 barrels a day and may fetch $500m, according to analysts at Barclays.