Tullow looks north to snap up Spring Energy

By Beate Schjolberg Oslo

 13 December 2012 23:59 GMT

UK independent Tullow Oil is taking a step northwards with a $372 million acquisition of Norwegian player Spring Energy.

The purchase will give Tullow a flying start in Norway after the company pre-qualified as an operator earlier this year.

Spring holds interests in 28 ­licences, including six commercial discoveries.

At the same time, Tullow is preparing to sell its UK and Dutch exploration and production assets in the Southern North Sea gas ­basin.

“These are very good assets that have served the company extremely well, but with the rise in our production profile in West ­Africa we felt it was not appropriate to keep these any more,” Tullow chief executive Aidan Heavey said.…

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