Tullow in deal with Mauritania to develop three oil and gas projects

TULLOW Oil said yesterday it has signed a deal with Mauritania and its partners that will enable it to take charge of the development of three oil and gas discoveries made off the coast of the west African country.

The company, which has extensive interests across Africa, said that it had raised its stakes to 64 and 67 per cent on two licences from between 22 and 24 per cent, and that it will also take a 59 per cent stake in a third licence. The company is planning to commercialise the oil and gas fields in the near-term, it said.