{"id":8216,"date":"2020-05-28T11:31:51","date_gmt":"2020-05-28T11:31:51","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8216"},"modified":"2020-06-05T21:58:37","modified_gmt":"2020-06-05T21:58:37","slug":"cnooc-elects-not-to-pre-empt-sale-of-assets-in-uganda","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cnooc-elects-not-to-pre-empt-sale-of-assets-in-uganda\/","title":{"rendered":"CNOOC elects not to pre-empt sale of assets in Uganda"},"content":{"rendered":"

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 it has elected not to exercise its pre-emption rights with the partners expecting the transaction to complete in the second half of 2020.<\/p>\n

The transaction remains subject to a number of conditions, including approval by Tullow\u2019s shareholders, customary government and other approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced.<\/p>\n

Tullow adds will now look to progress the tax agreement following CNOOC\u2019s decision not to pre-empt.<\/p>\n

CNNOC had following the 21.57% farm-down<\/a>\u00a0 of its 33.33% interests in Exploration Areas 1, 1A, 2 and 3A in Uganda to Total E&P Uganda B.V. (Total) notified<\/a> Tullow that it has exercised its pre-emption rights under the joint operating agreements between Tullow, Total and CNOOC.<\/p>\n

CNOOC was to acquire 50% of the interests to be 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","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8217,"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":[7443,11],"tags":[476,7440,6729,7441,7439,871,2533,2571,2603],"class_list":["post-8216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eastern-africa","category-top-news","tag-cnooc","tag-ea-1a","tag-ea-2","tag-ea-3a","tag-ea1","tag-farm-down","tag-total","tag-tullow-oil","tag-uganda","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-28w","jetpack-related-posts":[{"id":5786,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cnooc-to-acquire-50-of-tullows-farm-down-rights-to-total-in-uganda\/","url_meta":{"origin":8216,"position":0},"title":"CNOOC to acquire 50% of Tullow\u2019s farm down rights to Total in Uganda","author":"","date":"March 17, 2017","format":false,"excerpt":"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 total consideration of $900 million CNOOC Uganda Limited (CNOOC) has notified Tullow that it has exercised its pre-emption rights under\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\/2017\/03\/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\/2017\/03\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/03\/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":8216,"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":8128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-offloads-uganda-assets-to-total\/","url_meta":{"origin":8216,"position":2},"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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