Total agrees to buyout Tullow assets in Uganda - National | NTV

Total agrees to buyout Tullow assets in Uganda

Thursday April 23, 2020

 

KAMPALA: French oil giant Total E&P has finally reached an agreement for purchase of struggling Anglo-Irish Tullow oil’s assets in Uganda after almost three years of tight rope haggling over the deal.

According to a statement released by Total E&P, the company will acquire Tullow’s assets for $575m (Shs2.1 trillion) when the deal is eventually approved by government and subject to Cnooc’s involvement, up from $900m (Shs3.3 trillion) which was the selling price when the deal was fist floated in early 2017.

The earlier purchase/sales deal collapsed mid-last year and thrust Uganda’s oil sector in panic, including Total E&P, the lead developer of the proposed crude oil export pipeline, freezing work on the project. It also pushed government’s earlier commercial oil production plan, by means, from 2023 to the earliest 2025.

More details to follow...