Tullow Oil is to rethink plans to sell off some of its North Sea assets after admitting its initial approach was not offering value for money.
The company, which is looking to dispose of the assets picked up from BP more than a decade ago,
Now the sell-off is being restructed with the aim of selling off at least some of the fields in the next 18 months.
“Following the receipt of initial bids, it became clear that the sales strategy needed to be adjusted to reflect current market conditions and to ensure that Tullow receives appropriate value from assets that are performing well with strong cash flows and have further exploration upside,” the company said.
The company, which said it expected to set production records by the end of the year, is on track to receive bids for a farmdown of its Tweneboa-Enyenra-Ntomme project off the coast of Ghana by the end of November.
During the period, production in Europe was in line with expectations, and production for the rest of the year was set to be boosted by the Schooner-11 well which came on stream at the end of last month.
Tullow reported strong production across the group and said it was on track to deliver between 84,000 and 88,000 barrels of oil equivalent per day for the full year.
The company’s planned Bangladesh asset sale was awaiting approval and due for completion by early 2014.