Tullow Oil is closing in on resolving its tax issue with Uganda’s government that will allow the Anglo-Irish independent to finally close its $900 million farm-down deal with France's Total and China's CNOOC Ltd.
Tullow, which this week revealed a full-year net profit of $85 million on the back of rising revenues, has “agreed the principles for capital gains tax” with the Kampala administration, which had been demanding payment of $167 million in taxes in order to sign off on the farm-down.
