Tullow Oil plc announced Tuesday that it is selling its Tullow Bangladesh subsidiary to KrisEnergy Asia Holdings for $42.4 million.
In Bangladesh, Tullow has a 30-percent interest in and is the operator of Block 9 on behalf of its partners Niko Resources and Bangladesh Exploration and Production Company. The 680-square mile block includes the Bangora gas-producing facility and the Lalmai discovery.
During 2012, gross production from the Bangora field averaged around 100 million standard cubic feet per day and 300 barrels of condensate per day.
Tullow CEO Aidan Heavey commented in a company statement:
"I am pleased that the sale and purchase agreement of Tullow's Bangladesh assets has successfully been signed. This follows the announcement of our plans to sell our Asian assets in March 2012. After 16 years of successful operations in Bangladesh, I wish the new owners of these assets and their staff well.
"This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea."
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