Monday 19 February 2018

Tullow finalises €288m acquisition of Norwegian energy firm

Peter Flanagan

Peter Flanagan

TULLOW Oil has completed its €288m takeover of Norway's Spring Energy, after originally announcing the deal in December.

The company said the acquisition has already brought it success.

Irish-led, UK-based Tullow has acquired bought Spring Energy to boost its exploration portfolio in Norway's North Sea oil fields.

In contrast Tullow is selling its UK and Netherlands by gas-production assets.

Just last week Spring Energy secured 13 off-shore licences awarded when Norway completed its 2012 licensing round.

The new licences are ''highly complementary and mostly adjacent to current acreage held,' Tullow said/

"I am delighted to welcome our new colleagues to Tullow and I look forward to working with them. The quality of their business and staff has been underlined by their exceptional performance in

It adds to exploration rights secured by Tullow in Uruguay, Mozambique, Greenland and Guinea as it expands into new frontiers.

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