Tullow Oil’s farm-down process in Uganda is set to complete within the new few months, with the trio of partners including French giant Total pressing for a project sanction in the middle of the year.
More than a year ago, Tullow agreed a $900 million deal with Total to farm down 21.57% of its 33.33% stake in Ugandan blocks.
The other partner, China National Offshore Oil Corporation (CNOOC), then exercised its pre-emption right to take up 50% of the stake being sold by Tullow to Total.
