London-listed Tullow Oil Plc has signed a non-binding Memorandum of Understanding with Anglo-Dutch Shell to partner for new frontier exploration in select basins and geological plays around the Atlantic Basin.
Both companies will pursue and evaluate transformational geological plays in underexplored frontier basins, according to Tullow’s trading statement January 18, 2012.
“This partnership combines the knowledge base and specialist capabilities of both companies to allow more effective derisking and development in areas of mutual interest with the potential to deliver exceptional results,” the statement said.
Tullow is already operating in Ghana as a lead operator at the Jubilee oil fields and Shell is also in talks with Ghanaian authorities to acquire exploration and production licences in the country.
By Ekow Quandzie
