Big oil merger underway

Companies Tullow Oil and Capricorn Energy are planning a merger to form a leading oil and gas exploration outfit in Africa.

Photo: Tullow Oil PR

British oil and gas exploration company Tullow Oil is preparing to acquire compatriot sector rival Capricorn Energy, the companies reveal in a statement Wednesday after both boards of directors approved the merger.

The transaction will result in the consolidated group achieving a marked value of roughly USD 1.5bn, with the company focusing on the African market. Combined, Tullow and Capricorn sit on an estimated total reserve of 343 million barrels of oil equivalent.

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