Farm-down unlocks development, Tower withdraws


Issue 226 - 01 Mar 2012 | 3 minute read
Tullow Oil’s sale of two-thirds of its Uganda assets to Total and CNOOC has finally been completed. The long-awaited $2.9bn deal, which was initially announced in 2010, follows the recent signing of new production- sharing agreements between Tullow and the government and the granting of the Kingfisher production licence (AE 225/1). It is expected that early small-scale oil and gas production for the local power market will start in 2013 from the Nzizi, Mputa and Waraga fields in the Kaiso-Tonya area, with the partners now anticipating that major production from the Lake Albert Basin will start in 2016. A basin-wide plan of development will be put before the government for approval later this year.

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