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Friday, June 30, 2017
Tullow Oil is continuing its work to bring its resources in Uganda to market. According to the company’s most recent operational update, key work program activities such as the FEED, ESIA and geophysical and geotechnical surveys are under way. Based on the progress with these activities, Tullow and its partners are working toward project FID around the end of 2017.
With the governments of Uganda and Tanzania having signed an Intergovernmental Agreement (IGA) for the pipeline in May, the critical infrastructure for the project, the pace for getting Ugandan crude flowing should accelerate. Both governments have agreed on the routing and have now moved on to discussing the Host Government Agreements and other key commercial agreements.
In January Tullow announced that it had agreed a transfer of interest in its Ugandan assets to Total, a total of 21.57% of its 33.33% interests for a total consideration of $900 million. The other partner, CNOOC Uganda Ltd. (CNOOC), exercised its pre-emption rights under the JOA between the three to acquire 50% of the interests being transferred to Total on the same terms and conditions that were agreed between Tullow and Total. Tullow is now working with Total and CNOOC to conclude definitive sale documentation in relation to the farm-down. Completion of the transaction is subject to certain conditions precedent which include approval by the government of Uganda.
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