Tullow refocuses in Tanzania
TULLOW Oil is to cede control of half its stake in a site in Tanzania as it looks to focus on its other interests in Africa.
In a statement yesterday, the oil and gas explorer said it was ceding half its stake in the Rovuma Basin in Tanzania to Aminex.
That will see Tullow's share cut in half to a 25pc total stake in the site.
In a statement, the company said the move would create "operational efficiencies" and allow it to concentrate on its interests elsewhere. Tullow has the most licences in Africa among UK-listed oil companies.
Aminex, which is listed on the Irish Stock Exchange, said it had no indication that Tullow planned to pull out completely from the well.
Meanwhile, the Limerick based Circle Oil more than tripled its half-year profits, despite revenue only increasing by a third.
The company, which is focused on North Africa, said it made a profit after tax of $8.7m (€6.3m) -- up $6.6m (€4.75m) -- from revenue of $28.7m (€20.6m).
"Our production rate is set to rise substantially with a new gas pipeline in Morocco and gas production facilities in Egypt by late 2011," Circle said.