Tullow May Sell Part of Stake in Ugandan Oil Field

12 Feb 2014   Uganda

Africa-focused oil and gas explorer Tullow Oil PLC is considering selling part of its stake in a Ugandan oil field it is developing with France’s Total SA and China’s Cnooc Ltd. to focus on Kenya, where a more supportive government is helping a project there move faster, Tullow’s chief operating officer said Wednesday. It is the first time the company has disclosed it could look to sell a share in one of its prized assets. The project has been delayed for years and has weighed on the share price while the company and its partners hammered out a development plan with the Ugandan government. Tullow and partners struck an agreement with the Ugandan government on a development plan for the Lake Albert basin last month after years of talks. But in the meantime, a project to develop Kenya’s South Lockichar basin, which was discovered in 2012—five years after the […]

Tags:

Comments are closed.