WSJ: Tullow Oil weighs potential Japanese buyers for its TEN stake

|By:, SA News Editor

Japanese trading firms Mitsui (MITSF, MITSY) and Itochu (ITOCF, ITOCY) are considering a stake in Tullow Oil's (TUWLF, TUWOY) $4.9B TEN oil project off the coast of Ghana, WSJ reports.

Tullow said last week that the process to sell down part of its 47% stake in TEN was progressing well and that bids were expected later this month; Tullow wants to sell a 17%-20% stake, which could fetch ~$600M.

A successful sale would free up Tullow to focus on further projects in Africa, where it has several exploration campaigns under way.

Tullow's other partners in the project include Kosmos Energy (KOS) and Anadarko Petroleum (APC).