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

  • 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).
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