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Article: France : Shell buys into Tullow s French Guiana oil block.
- Article from:
- TendersInfo
- Article date:
- November 12, 2009
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Byline: Mamta03
Royal Dutch Shell Plc (Amsterdam: RDSA.AS - news) agreed to buy up to 45 percent of explorer Tullow Oil (LSE: TLW.L - news) 's licence offshore French Guiana, boosting hopes rich West African oil reservoirs could be replicated across the Atlantic. The companies said in statements on Wednesday that Shell had agreed to purchase 33 percent of the Guyane Maritime Permit, around 150 kilometres off the coast of French Guiana, for an undisclosed sum, and had an option to buy another 12 percent.
Tullow bought a 97.5 percent interest in the licence hoping that big oil finds it made offshore Ghana, including its Jubilee field, would be repeated ...