Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly.
Uganda has signed a host government agreement (HGA) with Total on the East Africa Crude Oil Pipeline (EACOP), followed by new declarations with Tanzania on the link.
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
CNOOC Uganda will not pre-empt the sale of Tullow Oil’s stake in Lake Albert to Total.
Tullow Oil has struck a deal to sell its entire stake in Uganda’s Lake Albert project to France’s Total for $575 million.
The African Development Bank (AfDB) has denied that it plans to support the proposed East African Crude Oil Pipeline (EACOP).
Tullow expects to report pre-tax impairments and exploration write-offs of around $1.5 billion for 2019, as a result of a lower oil price forecast and a reduction in 2P reserves at the TEN project, offshore Ghana.
Congo Kinshasa is forming a plan to take back two oil blocks from sanctioned Israeli billionaire Dan Gertler and sell them to another company.
Uganda and Tanzania are pushing ahead with their plans for the East African Crude Oil Pipeline (EACOP) despite Total’s decision to put work on hold, following the breakdown of talks on the sale of Tullow Oil’s Ugandan stakes.