Tullow, Shell Team up in Atlantic Oil Hunt

January 18, 2012

Tullow and Shell have signed a non-binding Memorandum of Understanding to partner for new frontier exploration in select basins and geological plays around the Atlantic Basin.

Both companies will pursue and evaluate transformational geological plays in underexplored frontier basins together.

This partnership combines the knowledge base and specialist capabilities of both companies to allow more effective derisking and development in areas of mutual interest with the potential to deliver exceptional results.

Tullow’s Chief Executive Aidan Heavey commented:

“We have an exciting exploration programme to open new basins, both onshore and offshore, and we hope to extend our reach in Africa and elsewhere along the Atlantic Margins with major new partnerships. There is much to look forward to in the year ahead.”

Good year for Tullow

The news has been revealed in Tullow’s trading statement and operational update. Tullow highlighted its 74% exploration and appraisal success ratio in 2011 and its high-impact E&A programme consisting of approximately 40 wells planned for 2012.

Aidan Heavy said:” …Industry-leading exploration success underpin another very good year for Tullow in 2011. In 2012 we expect significant progress in Ghana and Uganda as we move forward with Jubilee well remediation and Phase 1A, TEN and the Lake Albert developments.”

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Offshore Energy Today Staff, January 18, 2012; Image: Tullow