Tullow reduces Uganda stake as McDade steps up for new era


In depth
Issue 338 - 19 Jan 2017 | 9 minute read

Tullow Oil has farmed down most of its stake in the Uganda oil development to its partner Total, in a $900m deal that it says will significantly reduce development costs and give the project new impetus following a series of delays. “Farming down to Total was the ideal choice. They are a fantastic operator, and they will drive this project forward very, very quickly,” Tullow chief executive Aidan Heavey told a 11 January conference call to discuss the sale. Tullow has agreed to transfer 21.57% of its 33.33% in exploration areas 1, 1A, 2 and 3A to Total for $900m.

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