Tullow agrees exploration licence in South America
Tullow Oil plc has announced that it has agreed a new deepwater exploration licence with Suriname's state oil company Staatsolie for an area off the coast of the South American country
The signing means both parties can finalise a deal to share the oil that they hope will exist there and enhance Tullow’s portfolio of high-impact exploration acreage in the emerging Suriname-Guyana Basin.
Tullow plans to acquire seismic data during 2011 and anticipates that wells will be drilled as part of the Group’s medium-term exploration programme in the Equatorial Atlantic region of South America.
Angus McCoss, Exploration Director for Tullow, said: "Tullow is very pleased to have signed this Heads of Agreement with Staatsolie for such an exciting block in the Equatorial Atlantic region of South America.
"The Group is seeking to replicate the transformational success achieved with the Jubilee field in Ghana and this new acreage complements our existing positions in Guyana and French Guiana."
