Tullow working with Uganda towards accelerated oil development projects

Thursday, Mar 11, 2010

Tullow Oil has announced that it is working closely with the government of Uganda and two potential partners to accelerate the development of three blocks in the Lake Albert oilfields. The partners are likely to be Total and CNOOC.

Uganda expects evaluation to be completed soon and to be given the go-ahead by April. Tullow is currently in the process of acquiring 50% equity from Heritage in the company’s joint exploration blocks.  They are also in the process of receiving government approval to sell stakes in the properties to their new partners.

Total and CNOOC have already brought to the table their investment and development plans and both companies are expected to acquire a third of the three blocks.

Source: Red Mist Media