Tullow's Dutch acreage provides the group with offshore gas exploration and development opportunities adjacent to its UK North Sea CMS acreage.
The first two licences were acquired by Tullow in 2007 with the Group adding more blocks to its portfolio in 2008 and 2009.
In mid 2011, Tullow completed a €300 million deal with the Vattenfall Group whereby it acquired all the interests held by Nuon Exploration and Production, which included 30 producing gas fields.
In 2012, Tullow announced its intention to sell its UK and Netherlands gas assets to focus on the core Africa and Atlantic Margins Group strategy Tullow no longer holds any operated licences in the Netherlands and completed the sale of its operated and non-operated interests in the L12/15 area and Blocks Q4 and Q5 to AU Energy on 30 April 2015 for a consideration of €64 million for the sale of approximately 1,500 boepd. In June 2015, Tullow also completed the sale of 30% equity and the operatorship of exploration licences E10, E11 (including Tullow’s Vincent discovery), E14, E15c and E18b to GDF Suez E&P Nederland (ENGIE).
In April 2017, Tullow signed a Sales and Purchase Agreement (SPA) with Hague and London Oil plc (HALO) for the entire Netherlands portfolio with an effective date of 1 January 2017. This divestment of non-core gas assets is part of Tullow’s ongoing strategy to focus on light oil in Africa and South America. Production from the Netherlands in 2017 was forecast to be around 3,500 bopd, with associated capex of approximately $10 million from the start of the year. Upon completion of the SPA, Tullow will adjust its Group production and capex forecasts accordingly. At year-end 2016, booked Netherlands’ Commercial Reserves and Contingent Resources were approximately 2 mmboe and 15 mmboe, respectively.