Tullow exits Suriname

The Anglo-Irish independent continues to refocus on key assets

Anglo-Irish independent Tullow Oil is exiting Suriname—where it holds operating stakes in blocks 47 and 54—as it continues to seek to rebuild its balance sheet and benefit from greater focus in its portfolio. Tullow and its partners decided not to pursue the next phase of development at block 47 following drilling results. The company owns 50pc of the block, while Petroandina Resources, a subsidiary of Argentina-headquartered Pluspetrol, holds 30pc and the Suriname subsidiary of Israel’s Ratio Petroleum, has 20pc. Tullow announced is “has also decided to exit block 54 at year-end”, which would leave it with no assets in Suriname. The company is working to reduce a significant debt burden and

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