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 Oils $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 Oils Aiden Heavy
Tullow Oils $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 Oils Aiden Heavy
