Tullow to offload Bangladesh asset

Tullow Oil has reached agreement to sell its operations in Bangladesh to Far Eastern exploration firm, KrisEnergy for $42.35 million (€32.4m).

Tullow’s intention to sell its Bangladeshi business has been clear for some time, as the Irish-founded firm looks to dispose of its non-core assets and focus on its African, South American and European-based light oil exploration projects.

This year will see Tullow sell its eight Asian gas licences, which apart from Bangladesh also cover Pakistan; while the halfway point of the year should also see its North Sea gas assets sold.