Tullow Oil Buys Into Arctic With Maersk Greenland Block

Law360, New York (October 15, 2012, 1:44 PM EDT) -- Tullow Oil PLC will take a 40 percent equity stake in an offshore Greenland oil block from operator Maersk Oil, the company said Monday, becoming the latest independent oil producer to set its sights on the highly prospective corner of the Arctic.

The farm-in is Tullow's first into Greenland, which is thought to be a promising oil patch but has failed to produce so far. Maersk, the project operator, will keep a 47.5 percent stake and NunaOil AS, Greenland's state oil company, will hold a 12.5...
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