{"id":5786,"date":"2017-03-17T09:23:02","date_gmt":"2017-03-17T09:23:02","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5786"},"modified":"2017-03-17T09:23:02","modified_gmt":"2017-03-17T09:23:02","slug":"cnooc-to-acquire-50-of-tullows-farm-down-rights-to-total-in-uganda","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cnooc-to-acquire-50-of-tullows-farm-down-rights-to-total-in-uganda\/","title":{"rendered":"CNOOC to acquire 50% of Tullow\u2019s farm down rights to Total in Uganda"},"content":{"rendered":"

Following Tullow Oil plc announced farm-down<\/a> of 21.57% of its 33.33% interests in Exploration Areas 1, 1A, 2 and 3A in Uganda to Total E&P Uganda B.V. (Total) for a total consideration of $900 million CNOOC Uganda Limited (CNOOC) has notified Tullow that it has exercised its pre-emption rights under the joint operating agreements between Tullow, Total and CNOOC.<\/p>\n

This means CNOOC will acquire 50% of the interests being transferred to Total on the same terms and conditions that were agreed between Tullow and Total (including as to the amount, structure and timing of the consideration payable to Tullow).<\/p>\n

Tullow will now work with Total and CNOOC to conclude definitive sale documentation in relation to the farm-down.<\/p>\n

Once the farm-down has completed, Tullow will cease to be an operator in Uganda but will retain a presence in-country to manage its non-operated position.<\/p>\n

Completion of the farm-down is subject to certain conditions, including the approval of the Government of Uganda.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following Tullow Oil plc announced farm-down of 21.57% of its 33.33% interests in Exploration Areas 1, 1A, 2 and 3A in Uganda to Total E&P Uganda B.V. (Total) for a … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":5787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[3884,3885,5725,476,5724,871,5968,2534,2571,2603],"class_list":["post-5786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-1a","tag-3885","tag-3a","tag-cnooc","tag-exploration-areas-1","tag-farm-down","tag-pre-emption-rights","tag-total-ep","tag-tullow-oil","tag-uganda","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/03\/Uganda-rig.jpg?fit=699%2C466&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1vk","jetpack-related-posts":[{"id":8216,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cnooc-elects-not-to-pre-empt-sale-of-assets-in-uganda\/","url_meta":{"origin":5786,"position":0},"title":"CNOOC elects not to pre-empt sale of assets in Uganda","author":"","date":"May 28, 2020","format":false,"excerpt":"Tullow has announced that it had agreed the sale of its assets in Uganda to Total and that CNOOC had rights of pre-emption to acquire 50% of these assets on the same terms and conditions as Total. The company says CNOOC has now informed it and JV partner Total that\u2026","rel":"","context":"In "Eastern Africa"","block_context":{"text":"Eastern Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/eastern-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6225,"url":"https:\/\/www.oilnewskenya.com\/index.php\/total-ep-reassures-uganda-commitment-following-entrance-kenyas-oil-rich-turkana\/","url_meta":{"origin":5786,"position":1},"title":"Total E&P Reassures Uganda of its Commitment Following Entrance into Kenya\u2019s Oil Rich Turkana","author":"","date":"August 23, 2017","format":false,"excerpt":"Total has written to Uganda assuring the country that it will not abandon the $3.55 billion heated crude oil pipeline through Tanzania after buying assets in neighbouring Kenya. The news on the transaction between Total and Maersk Oil and Gas had caused panic in Uganda on the progress of the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/total.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/total.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/total.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7166,"url":"https:\/\/www.oilnewskenya.com\/index.php\/unoc-cnooc-sign-oil-exploration-deal\/","url_meta":{"origin":5786,"position":2},"title":"UNOC, CNOOC Sign Oil Exploration Deal","author":"","date":"September 7, 2018","format":false,"excerpt":"The Uganda National Oil Company has signed a memorandum of understanding with Chinese explorer CNOOC that will allow them to together conduct oil exploration and development in the Albertine Graben. According to the statement issued by UNOC the MoU which was signed during the margins of the China-Africa forum on\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/09\/Chinese-president-Xi-Jinping-with-Ugandas-Museveni.-Courtesy-Photo.jpg?fit=515%2C317&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5536,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-announces-900m-farm-down-of-uganda-assets-to-total\/","url_meta":{"origin":5786,"position":3},"title":"Tullow Oil announces $900M farm down of Uganda assets to Total","author":"","date":"January 9, 2017","format":false,"excerpt":"A Sale and Purchase Agreement with an effective date of 1\u00a0January 2017 has been signed in which Tullow has agreed to transfer 21.57% of its 33.33% interests in Exploration Areas 1, 1A, 2 (operated by Tullow Oil) and 3A in Uganda to Total for a total consideration of $900 million.\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/tullow-oil.png?fit=385%2C255&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-offloads-uganda-assets-to-total\/","url_meta":{"origin":5786,"position":4},"title":"Tullow Oil Offloads Uganda Assets to Total","author":"","date":"April 23, 2020","format":false,"excerpt":"Tullow and Total E&P Uganda B.V. 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