Tullow Oil has this morning announced a number of deals which will reshape its UK offshore holdings.
The company has sold a 50 per cent stake in the Horne and Wren fields to gas company Centrica for £7.1 million, of which £4.6m will be paid immediately.
The company has also agreed to use Bacton and the Thames Offshore Infrastructure for servicing Arthur Field in the North Sea.
While that output from the Arthur field is owned by Mobil and EOG, Tullow will benefit from earning tariff income from its infrastructure.
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Mr Aidan Heavey, Tullow's chief executive said the deals offer an opportunity to prolong the useful life of these assets and their satellite fields for the benefit of all the stakeholders.