Uganda, Tullow sign agreements to complete farmout deal

02/13/2012
Uganda's government and Tullow Oil PLC ended months of wrangling over potential tax issues by signing two new production-sharing agreements that will enable the Anglo-Irish firm to complete a $2.9 billion farmout deal with Total SA and China National Offshore Oil Co. (CNOOC). "The new licenses being signed today are key to the conclusion of the [farmout]," Uganda's Energy Minister Irene Muloni said, referring to the EA-1 and Kanywataba licenses in the Lake Albert Rift basin. "On the recommendation of the government, Tullow is expected to [farmout], or partly divest its assets in Uganda to CNOOC and Total as agreed," said Muloni. "Today's signing is a vital step to...
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