Total E&P acquires Tullow Uganda’s stake for $575m

UGANDA – Tullow Oil Plc, a British oil explorer, has sold all its assets in Uganda to Total Uganda at US$575 million to cut on debt, with bids for selling the Kenyan unit expected to follow.  Tullow announced that it would transfer its entire interests in Blocks 1, 1A, 2 and 3A in western Uganda and the proposed East African Crude Oil Pipeline (EACOP) System for cash consideration of US$575 million plus potential contingent payments after first oil.  “This deal is important for Tullow and forms the first step of…

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