Tullow hands off M’Boundi field
Photo by CHRISTELLE THOMAS
UK explorer Tullow Oil said today it was selling its 11% stake in the onshore
M'Boundi field in Congo-Brazzaville for $435 million to Korea National Oil
Corporation (KNOC).
"The sale of M'Boundi, as part of our portfolio management strategy, provides
Tullow with an opportunity to focus resources in core growth areas," the
company said in a statement.
The M'Boundi field was discovered in May 2001 by Maurel & Prom and is one of
the largest oilfields to be found onshore Africa in recent years, Tullow
said.
31 January 2008 08:01 GMT
| last updated:
31 January 2008 08:04 GMT
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