The transaction, which is expected to be completed during early 2015, includes Tullow’s operated and non-operated L12 / L15 block interests and non-operated Q4 and Q5 block interests.
The L12 / L15 and Q block portfolio features a suite of seven licence interests and six developed fields producing 1,500 barrels of oil equivalent per day (boepd) net to Tullow.
Tullow said it will revise its North Sea production guidance upon completion of the transaction, which is conditional upon ministerial approval of the intra-group transfer of the L12 / L15 and Q block non-operated licence interests to Tullow Netherlands.
Tullow Oil chief executive Aidan Heavey said: "The sale of the Tullow’s interests in Blocks L and Q is a further step towards the Group’s planned divestment of our North Sea gas assets in order to focus our business on conventional light oil.
"The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of $75.6m is on track to complete before the end of the year, and the divestment of our remaining UK and Dutch gas assets is progressing well."
Tullow has interests in more than 140 exploration and production licences in 21 countries, which are managed as three regional business units: West & North Africa; South & East Africa; and Europe, South America & Asia.