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Uganda tax deal paves way for Tullow sale to Total

Uganda tax deal paves way for Tullow sale to Total

Business, FEATURED, Latest News, Oil & Gas
Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly. Tullow Oil has reached a binding tax agreement with Uganda, which should allow it to close a sale to Total shortly. The Minister of Energy and Mineral Development has also approved the transfer of the equity, and the operatorship, in Block 2 to the French company. The government and the Ugandan Revenue Authority have approved the tax agreement. All governmental conditions have now been met, Tullow said. As such, the transaction should close “in the coming days” after certain customary steps have been completed. Total will pay Tullow $500 million on closing. The French company will then pay $75mn when it reaches a final investment decision (FID). Oil price movemen...
Ugandan Families Left in Limbo as Oil Project Earmarks Land

Ugandan Families Left in Limbo as Oil Project Earmarks Land

FEATURED, Latest News, NEWS, Oil & Gas
Farmers say the long-delayed project has put limits on how they can use their land and failed to pay promised compensation Two years ago, surveyors came to measure a swathe of land cutting through the Bitamale family’s homestead in western Uganda. The family was not sure whether the land acquisition in their village in Buliisa district was for a road or a pipeline, but they knew it was connected to a multibillion-dollar oil project coming to the low plain beside Lake Albert. “The surveyors told us we shouldn’t use the land where they passed,” Violet Bitamale told the Thomson Reuters Foundation, indicating an invisible line between a nearby tree and the house of her adult son. But since then, nobody has come to develop the land and the family has received no compensation fo...
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