Petroleum Africa
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Monday, January 15, 2018
Tullow Oil Corp. and its JV partnersin Uganda, Total and CNOOC, expect to see approval of Tullow’s farm-down from the government in H1 of this year. Tullow said that it will receive cash payment on completion and payment of deferred consideration for the pre-completion period (including the whole of 2017) at the time.
The JV partners are also working towards reaching FID in H1 2018; at which point Tullow’s second cash installment from the farm-down will be received. In line with its post-transaction status, Tullow has been reducing its operational footprint in Uganda and is now fully prepared for a non-operated presence only.
Operational activity is continuing as planned, with FEED and ESIAs for both the upstream and pipeline progressing in line with the FID schedule. Discussions on the pipeline project continue with both the Ugandan and Tanzanian governments supporting progress on the key commercial and transportation agreements.
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