Dhaka, Bangladesh (BBN)– Tullow Oil, the British oil and gas exploring company, has sold its Bangladeshi operations to KrisEnergy Asia Holdings BV.
The final price agreed for the transaction was $42.35 million, according to a press statement.
Tullow has a 30 percent interest in and operates Block 9 on behalf of partners Niko Resources (60 percent) and Bangladesh Petroleum Exploration and Production Company (10 percent).
The 1,770 square kilometre block includes the Bangora gas-producing facility and the Lalmai discovery, it added.
“This sale is part of a process of portfolio management and asset monetisation, which forms a key part of our exploration-led strategy,” said Aidan Heavey, chief executive officer of Tullow Oil.
The sale is conditional upon approval from the government and Petrobangla, and once completed, would be backdated to show the transaction took place on January 1.
BBN/SSR/AD-10Apr13-9:42 am (BST)