Tullow Oil : Buys Land in Ivory Coast for Oil Exploration
By Carlo Martuscelli
Tullow Oil PLC (TLW.LN) on Thursday said that it has acquired a 90% stake in four onshore blocks in Ivory Coast, with the remaining 10% held by the country's oil-and-gas company, Petroci.
The four blocks comprise an area of 5,035 square kilometers (1,944 suare miles) on the Ivorian coastline and are located in a proven oil system, as shown by multiple oil seeps and past production, Tullow said.
The company added that it will begin a survey in early 2018 to assess the licenses' potential.
The acquisition will add to the company's existing exploration portfolio, Tullow said.
Write to Carlo Martuscelli at [email protected]