Exploration group Tullow Oil is to acquire a further 19 per cent stake in the Hewett and Bacton onshore gas terminal in East Anglia from ConocoPhillips, through its British subsidiary.
Tullow Oil UK, already holder of a 20 per cent share in the terminal, will pay $3.75 million (€5.3 million). The deal sees it become operator of the facility. Hewett Bacton includes six offshore installations, exporting gas to the terminal at Bacton. Smaller players such as Tullow were strongly placed to exploit assets of the scale of Hewett/Thames, which might be overlooked by larger rivals, said Mr John Lander, managing director of Tullow UK.
Tullow chairman Mr Pat Plunkett said the group had widened its presence in regions of "proven prospectivity" in Britain and west Africa. Speaking at the company's annual general meeting in Dublin, Mr Plunkett said these projects were likely to witness significant activity and growth for the future.
Tullow was also seeking acquisitions and was participating in the current 21st offshore licensing round off the North Sea, he told the meeting.
Mr Plunkett said a dividend of 1p a share had been approved by the High Court with payment scheduled for late summer.
"The remainder of 2003 promises to be an eventful period with important wells in the UK, Bangladesh and potentially in Gabon," he said.
All resolutions were passed at the meeting.
