Tullow Oil lands stake in Mozambique asset

14 August, 2012 The company has purchased a 25 per cent stake from Statoil.

Tullow Oil has announced its intention to increase its influence in Mozambique after securing a stake in one of the country's gas-rich prospects.

The company has purchased a 25 per cent working interest from Norwegian business Statoil which will see Tullow have a say in the operations surrounding the offshore development in Mozambique.

Officials have stated that major gas finds have been discovered in the nearby region and hope that this will continue to Tullow's latest purchase. The company is now looking to begin a drilling campaign from 2013 to assess the reserve levels within the prospect.

Tullow said in a statement: "Large gas discoveries have recently been made north of our acreage and the prospect for hydrocarbons in the Statoil operated blocks is promising."

The company recently signed a major sponsorship agreement with Sunderland AFC which will see the club adorn Tullow's 'Invest In Africa' campaign on their shirts for the coming season.<br/><br/>© Adfero Ltd