Tullow Oil Continues North Sea Divestment Plan

Tullow Oil sold two assets to Faroe Petroleum, which will become the operator of both the Schooner unit and of the Ketch gas field. 

‘Tullow Oil plc announces today that its subsidiary Tullow Oil SK Limited has completed the sale of 53.1% of its Schooner unit interest and 60% of its Ketch asset in the UK Southern North Sea to Faroe Petroleum (U.K.) Limited,’ reads a note released on Friday. 

Tullow is progressively divesting from the North Sea. It recently clinched agreements to sell assets in Norway, the Netherlands and the UK.   

The company is monetising assets in Europe and in Bangladesh.