Chinese firm Cnooc will take a slice of the Ugandan assets Tullow Oil is selling to Total.
In January, Tullow said it had agreed to farm down two-thirds of its interest in an exploration block in Uganda for £730million.
Tullow, a London-listed oil and gas exploration and production company, said it would no longer be the assets’ operator once the deal goes through.
It is selling 21.57% of its 33.33% stake in four exploration areas in Uganda.
Tullow said yesterday that Chinese firm Cnooc would acquire 50% of the interests being transferred to Total under the terms of an earlier agreement between the three sides.
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