Tullow Oil has signed an agreement with Vattenfall Group for the acquisition of Nuon Exploration and Production (Nuon E&P).

This €300m acquisition will expand the company’s North Sea business by adding a portfolio of 25 licences, which include 30 producing fields and ownership of the key infrastructure.

The newly acquired portfolio also includes near-term development and exploration opportunities.

The licences will increase Tullow’s North Sea gas production by 9,000boe per day to approximately 23,000boe per day, and add reserves and resources of 28mboe.

The Nuon E&P deal is effective from 1 January 2011 and is expected to be complete by July 2011.