The company has also announced that it will divest its non-core exploration, development and production assets in the UK and Dutch Southern North Sea gas basin, as a part of its strategy to monetize its non-core assets.
Tullow Oil chief executive Aidan Heavey said the company is disposing and monetizing its non-core assets; and it will use the earned proceed to re-invest in high potential oil exploration.
"Our Southern North Sea gas assets are therefore no longer core to Tullow’s business which has a clear focus on light oil in Africa and the Atlantic Margins," Heavey said.
"The acquisition of Spring adds a material portfolio of oil exploration assets and high quality people that will provide a superb foundation for building our portfolio and expertise in the highly prospective North Atlantic."
Spring Energy has 28 offshore licenses across Norway’s continental shelf in North Sea, Norwegian Sea, and Barents Sea – covering over 18,000km².
The firm said it has made six commercial discoveries of the 12 wells it drilled since 2008 and plans to spud up to 16 exploration wells in 2013-14.
Tullow is estimating that Spring’s portfolio contains over 230 million barrels of oil equivalent (MMBOE) of risked prospective resources and has evaluated that it has up to 24 MMBOE of existing reserves and resources.
The non-core gas assets to be divested are producing 18,000 barrels of oil equivalent per day and are expected to be completed by the end of 2013.
