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Tullow finally sells 67% oil stake

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by ByaseL, Feb 22, 2012.

  1. B

    ByaseL JF-Expert Member

    Feb 22, 2012
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    British oil firm Tullow Oil yesterday signed a long-awaited multi-billion shilling deal bringing French and Chinese industry players into the Ugandan oil sector.

    Tullow Oil’s $2.9b (Shs 6.4 trillion) farm-down which brings French firm Total and Chinese group CNOOC as new partners to develop its fields in the country, paves way for commercial oil production to start with early, small scale production set for next year.

    The deal follows the recent signing of new Production Sharing Agreements (PSAs) between government and Tullow Oil, including issuance of the Kingfisher production licence to the British oil firm.
    Tullow announced yesterday that it had doled out 66.6 per cent of its total stake in the Ugandan oil sector for equal share by the two new players. The two companies in turn transferred a whopping $2.9b to Tullow Oil.

    “I am delighted that we have completed this farm-down with CNOOC Limited and Total, two experienced partners with whom we have already built a strong working relationship,” said Tullow Oil’s Aiden Heavy
  2. PakaJimmy

    PakaJimmy JF-Expert Member

    Feb 22, 2012
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    Wenzetu ndio haoooo, wanasonga mbele...Sisi ni uchunguzi tuu, miaka inakatika!
    Kuna jamaa hapa majukwaani alituambia kwa sasa Tanzania (Mtwara)kunapatikana pipa 100 za mafuta ghafi kwa siku...sijui ile story iliishia wapi!
  3. M

    Malila JF-Expert Member

    Feb 22, 2012
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    Habari hiyo ya mapipa 100 ingekuwa kweli CCM wangekuwa wanaitaja ktk mafanikio yao.