Tullow Oil has completed the acquisition of two North Sea gas fields from BP for £200.6 million sterling.
The acquisition of the two packages was first revealed on July 31st 2000.
The completion announced today refers to a total of nine licences within the Thames-Hewett package, including the producing Gawain field and exploration licences containing six undeveloped discoveries.
The gas from the Gawain field is sold under a long-term contract to Britain’s Powergen.
Tullow said it will have a 50 per cent interest in Gawain, while interests in the exploration licences range from 15 to 80 per cent.
Completion on the final licence interest, which includes the producing Orwell field, is anticipated in the coming weeks.
Tullow chief executive Mr Aidan Heavey said Gawain is an "outstanding field" and the exploration acreage is "highly prospective".
He added: "The purchase of the Southern North Sea assets did not impact on production revenues for 2000 but will be a very significant contributor to revenue and profitability in the current year."
AFP