Tullow Oil sells out of Uganda for USD575 million (UGX2.2 trillion) to Total Tullow first sold 66.67 of its stake in Uganda for a humongous USD2.9 billion, in March 2011, remaining with 33.33%. In January 2017, Tullow attempted to sell 21.57% of its remaining 33.33% interest in Exploration Areas 1, 1A, 2 and 3A in Uganda to Total for a total consideration of $900 million, but the deal was dropped after CNOOC Uganda Limited (CNOOC) subsequently exercised its pre-emption rights to the deal and government of Uganda had taxation issues with the deal.

Tullow Oil and French Oil giant Total have today announced, entering into an agreement, through which Total shall acquire Tullow’s entire interests in Blocks 1, 1A, 2 and 3A in Uganda’s Lake Albert development project as well as its interests in the proposed East African Crude Oil Pipeline (EACOP). The deal is effective 1st January 2020. Under the terms of the deal, Total will acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project licenses EA1, EA1A, EA2, and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System. The transaction is subject to the…