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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil    TLW   GB0001500809

TULLOW OIL (TLW)
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Tullow Oil : Clarifies on Uganda Investment

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01/13/2018 | 03:17pm CET

Tullow Oil Uganda has clarified that it is not exiting Ugandas oil and gas industry rather, is simply scaling down on its stake in the country.

Jimmy Mugerwa, Tullow Oil Ugandas general manager, said the oil and gas company will retain an 11.76% interest in the upstream sector and the export pipeline.

Tullow is not exiting Uganda and remains a committed partner for the long-term oil and gas industry in the country, Mugerwa said in a statement.

This 11.76% interest will further reduce to 10% when the Government of Uganda formally exercises its right to back-in, Tullow says.

This development means that Tullow Oil Uganda, the firm that discovered commercially viable oil in 2006, will not be an operator as the country moves into the production phase of the oil and gas industry.

China National Offshore Oil Corporation (CNOOC) Uganda will operate the Kingfisher project on the shores of Lake Albert while Total Uganda E and P will operate the Tilenga project further up north in Buliisa and Nwoya districts.

In a trading and operational statement update released on January 10th, Tullow Oil said the farm-down in the country is on progress as the firm awaits government approval of transactions with the other joint venture partners firms in Uganda.

As previously disclosed, Tullow anticipates that the farm-down with Total and CNOOC will complete in the first half of 2018 with cash payment on completion and payment of deferred consideration for the pre-completion period (including the whole of 2017) being received at this time, the statement reads.

In oil and gas lingo, farm-down refers to when an exploration company sells its rights over discoveries to other companies.

Tullow Uganda has gradually been scaling down on its investments in Uganda. In 2012, Tullow Oil sold 66.66 percent of its shares and remained with 33.33 percent stake in the Exploration Area 2 (EA2) in the Albertine region.

A further 21.57 percent of shares were sold to Total E and P in January last year. British newspaper The Telegraph reported that this deal was $900m.

(c) 2018 Bakhtar News Agency. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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