Tullow and partners to invest $14 Billion in Uganda oil fields

London-listed Tullow Oil drilling in Uganda
Oil and gas news

Tullow Oil Plc, Total SA and Cnooc Ltd. are set to invest almost $14 billion developing oil fields in Uganda, according to Jimmy Mugerwa, general manager of Tullow’s operations there.

“With the partner companies, we are looking at $8 to $10 billion for the upstream and $3 to $4 billion when we start the pipeline construction,” Mugerwa said in an interview Thursday in Kigali, the capital of neighboring Rwanda.

Tullow is evaluating Uganda’s competitive round of oil-block licensing, Mugerwa said. “The bids are still open, but right now, nothing is concrete.”

Earlier this week, Tullow Oil, one of the largest independent oil explorers, was ejected from the FTSE-100, the London Stock Exchange.

The Africa-focused explorer slipped into the FTSE-250 index after losing more almost 55% of its value since the slump in global oil prices.

Taking its place is Jordanian drug maker, Hikma Pharmaceuticals.