CNOOC in JV for oil and gas exploration in Uganda - SteelGuru

By
Viraj
on July 10, 2010 9:58 PM | | TrackBacks (0)
Xinhuanet reported that China National Offshore Oil Corporation, the parent company of CNOOC Limited and France Total will partner with Britain Tullow Oil to explore for oil and gas in Uganda.

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According to the report, the government of Uganda had approved Tullow Oil purchase of two oil exploration rights in west Uganda for USD 1.5 billion. Tullow Oil will pay USD 1.35 billion in cash and USD 150 million with other assets. The report added that the government of Uganda had imposed a regulation that requires Tullow Oil to cooperate with other oil companies to jointly develop and explore the oil fields in order to prevent a monopoly of the oil and gas resources by Tullow Oil.

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This page contains a single entry by Viraj published on July 10, 2010 9:58 PM.

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