Tullow returns looking for business

Vol 11, PW 13 (01 Nov 07) News in Brief
     

Tullow Oil, once the largest foreign acreage holder in India, has opened a new liaison office in Delhi.

“Tullow is a very different company to when it was in India before,â€‌ newly arrived country manager Richard Lee tells us. “Tullow today has a market cap of $9bn and production of 70,000 boed across the North Sea and Africa.

In Bangladesh we produce 70m cf/d and in Pakistan around 20m-30m cf/d. India is an obvious place to grow our business.

â€‌ Tullow’s office opened in September and will restrict itself to identifying new business opportunities. “All the technical evaluation will be done in Dublin,â€‌ adds Lee.

“Our South Asian business unit always watched India, even after we left (India).â€‌ From 2001, Tullow steadily relinquished its Indian acreage leaving only three blocks: CB-ON/1, where operator Reliance will drill the first exploration well in February next year; AA-ONJ/2 in Assam where operator Tullow is still (!) waiting for a PEL; and GK-OS/5 in Gujarat.