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Sunday, March 19, 2017
In what some would say is a suprising move, CNOOC has thrown a small spanner in the works of its partner Tullow Oil’s farm down of its interests in some Ugandan blocks. At the outset of 2017 Tullow announced it had agreed to farm-down 21.57% of its 33.33% interests in Exploration Areas 1, 1A, 2, and 3A to its other partner in the country Total E&P Uganda.
CNOOC notified Tullow that it has exercised its pre-emption rights under the joint operating agreements between Tullow, Total and CNOOC to acquire 50% of the interests being transferred to Total on the same terms and conditions that were agreed between Tullow and Total (including the amount, structure and timing of the consideration payable to Tullow).
Tullow will now work with Total and CNOOC to conclude definitive sale documentation in relation to the farm-down. Completion of the farm-down is subject to certain conditions, including the approval of the government of Uganda. Once the farm-down has been completed, Tullow will cease to be an operator in Uganda but will retain a presence in-country to manage its non-operated position.
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