OGJ Newsletter

GENERAL INTEREST — Quick TakesCNOOC, Total to buy stakes in Uganda from TullowTullow Oil PLC plans to sell stakes in Ugandan exploration areas to Total SA and CNOOC Ltd. for $2.9 billion total, and pending approval from the Ugandan government, the transactions mark another step toward a long-awaited $10 billion development for oil production in Uganda.Tullow expects to complete the transaction, also subject to regulatory approvals by China officials, within the first half of 2011. After closing, Tullow, CNOOC, and Total each will hold one-third interest in Exploration Areas 1, 2, and 3A in Uganda.Uganda will determine which company operates each exploration area. Initially, Tullow w...

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