Theafricareport.com: Tullow Oil starts North Sea Withdrawal to Focus on Africa

Tullow Oil has sold majority stakes in two UK North Sea gas fields to Faroe Petroleum for $75.6 million, a deal that kick-starts Tullow's withdrawal from mature basins as it looks for new fields in Africa.

The London-listed FTSE 100 company had announced its intention to sell its UK and Dutch Southern North Sea assets in late 2012 but found it difficult to attract buyers.

Our strategy is about finding our own big fields and the UK is not part of our business strategy anymore

Faroe Petroleum, which focuses on the North Sea, Norway and Iceland, will take over operatorship of the Schooner and Ketch gas fields after buying stakes of 53.1 percent and 60 percent respectively.  MORE