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Tag: Tullow Uganda

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 โ€œin the coming daysโ€ 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...
Tullow Moves Closer to Uganda Exit

Tullow Moves Closer to Uganda Exit

FEATURED, NEWS, Oil & Gas
By OGJ editors Tullow Oil PLC expects to close its sale of Ugandan assets to Total in the coming days following recent governmental approvals. Tullow Oil PLC expects to close its sale of Ugandan assets to Total in the coming days following recent governmental approvals. Tullow is selling its Ugandan assets and transferring operatorship of Block 2 to Total. The Government of Uganda and the Ugandan Revenue Authority executed a binding tax agreement that reflects the pre-agreed principles on tax treatment of the sale. The Ugandan Minister of Energy and Mineral Development approved the transfer of assets and operatorship. Upon closing, Tullow will receive $500 million consideration and a further $75 million when a final investment decision is taken. In addition, Tullow is entitled...
PAU, NEMA Teams Inspect ๐—ฅ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐—ฒ๐—ฑ ๐—ง๐˜‚๐—น๐—น๐—ผ๐˜„ ๐—ข๐—ถ๐—น Sites  In ๐—จ๐—ด๐—ฎ๐—ป๐—ฑ๐—ฎ

PAU, NEMA Teams Inspect ๐—ฅ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐—ฒ๐—ฑ ๐—ง๐˜‚๐—น๐—น๐—ผ๐˜„ ๐—ข๐—ถ๐—น Sites In ๐—จ๐—ด๐—ฎ๐—ป๐—ฑ๐—ฎ

FEATURED, Oil & Gas
By Keefa Nuwahereza A team of environmentalists from the Petroleum Authority of Uganda, National Environmental Management Authority (NEMA), Total E&P, and Tullow Oil last week undertook a Restoration Monitoring Exercise in the Albertine Graben in preparation for the planned handover of Tullow Oilโ€™s 25 restored sites to the original landowners. The sites which were previously used by Tullow Oil for exploration activities are situated in License Area 2 (LA-2) of the Albertine Graben in Hoima and Buliisa. The team was tasked with establishing whether the sites pass the test of restoration before they are handed over to the owners and that all the rental fees that have accrued are fully paid to the Project Affected Persons. This exercise took five days and ended on Saturday 18t...