Tullow in Peru, Côte d’Ivoire acquisitions

Tullow Oil has picked up six blocks offshore Peru and two onshore Côte d’Ivoire, the company said in its most recent operational update, published on Wednesday.

Tullow has closed a deal to acquire a 90% stake in licences CI-521 and CI-522 in Côte d’Ivoire, expanding a September 2017 acquisition of licences CI-518, CI-519, CI-301 and CI-302.

“The Group plans to conduct a full tensor gradiometry gravity survey (FTG) across the full area in the first half of 2018, before acquiring 2D seismic in 2019,” the company said. “If commercial discoveries are made, the maturity of Côte d’Ivoire’s oil industry suggests a relatively short and low-cost path to production.”

In Peru, the company has agreed with NOC Perupetro to buy a 100% stake in blocks Z-64, Z-65, Z-66, Z-67 and Z-68 and has struck a farm-down deal with Karoon Gas Australia for a 35% stake in Block Z-38. The agreements are subject to government approval.

The value of the transactions was not disclosed.

Tullow Oil is also in the process of divesting its interests in Pakistan and in the M’Boundi onshore field in the Republic of Congo, the company added.