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Tullow to seek new Uganda buyer as farmdown runs out of time

Tullow Oil’s farmdown to Total and CNOOC of around 20% of its Ugandan licences terminated on 29 August, following the expiry of the sale and purchase agreements (SPAs). Tullow said it had been unable to secure a further extension. With a final investment decision (FID) on the development now pushed further back, Total has suspended development of the export pipeline to Tanzania’s Tanga port.

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