Continental Focus, International Reach

Total Still Owes Tullow Cash

Monday, January 21, 2019

Tullow Oil revealed in its most recent Operations Update that it was still waiting for Total to pay the of the funds for its purchase of Exploration Areas 1, 1A, 2, and 3A in Uganda. Tullow said that the French firm hasn’t paid the balance of the $900 million owed for the 21.75% stake in the exploration areas.

The transaction was completed in January 2017 and allowed Tullow to retain only 11.67% ownership interest in acreage in the Lake Albert region, where a production plateau of approximately 200,000 bpd is expected in the next several years.