{"id":9387,"date":"2020-11-10T14:27:14","date_gmt":"2020-11-10T14:27:14","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=9387"},"modified":"2020-11-10T14:27:14","modified_gmt":"2020-11-10T14:27:14","slug":"uganda-tullow-completes-575-million-sale-of-uganda-assets-to-total","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tullow-completes-575-million-sale-of-uganda-assets-to-total\/","title":{"rendered":"UGANDA: Tullow completes $575 million sale of Uganda assets to Total"},"content":{"rendered":"
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Tullow Oil\u00a0 has announced that the sale of its assets in Uganda to Total has completed with $500 million consideration received earlier today. Tullow is also due to receive a further $75 million when a Final Investment Decision is taken on the development project plus contingent payments linked to the oil price payable after production commences.<\/p>\n

The closing of this transaction follows the satisfaction of all deal conditions, announced on 21 October 2020, which included the execution of the binding Tax Agreement, the approval for the transfer of Tullow\u2019s interests to Total and the transfer of operatorship for Block 2.<\/p>\n

Although Tullow will retain a financial link to the development project through the potential contingent payments, the closing of this transaction marks Tullow\u2019s exit from its licences in Uganda after 16 years of operations in the Lake Albert basin.<\/p>\n

Tullow now has net debt of $2.4 billion and available liquidity of $1 billion. Rahul Dhir, CEO, and Les Wood, CFO, will lay out their plans for the Group in the coming years at a Capital Markets Day on 25 November 2020.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Rahul Dhir, Chief Executive Officer of Tullow Oil Plc, commented today:<\/strong><\/p>\n

“The closing of our transaction with Total clearly evokes mixed emotions within Tullow. While we are sad to be exiting Uganda after many years, the $575 million of proceeds form an important part of our plan to strengthen Tullow\u2019s balance sheet and improve our financial position. We will watch the progress of Uganda\u2019s oil & gas industry with much interest and all of us at Tullow wish the people and Government of Uganda and our former Joint Venture Partners every good fortune as they take this important project forward.\u201d<\/i><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Tullow Oil\u00a0 has announced that the sale of its assets in Uganda to Total has completed with $500 million consideration received earlier today. Tullow is also due to receive a … 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":[7442,7443,11],"tags":[476,8633,8634,8635,5724,4064,5879,7412,2533,2571,2603],"class_list":["post-9387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-cnooc","tag-ea1a","tag-ea2","tag-ea3a","tag-exploration-areas-1","tag-fid","tag-lake-albert-basin","tag-lake-albert-development-project","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-2rp","jetpack-related-posts":[{"id":8128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-offloads-uganda-assets-to-total\/","url_meta":{"origin":9387,"position":0},"title":"Tullow Oil Offloads Uganda Assets to Total","author":"","date":"April 23, 2020","format":false,"excerpt":"Tullow and Total E&P Uganda B.V. (Total Uganda) have signed a Sale and Purchase Agreement (SPA), with an effective date of 1 January 2020 (the Effective Date), in which Tullow has agreed to transfer its entire interests in Blocks 1, 1A, 2 and 3A in Uganda and the proposed East\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":"","width":0,"height":0},"classes":[]},{"id":5536,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-announces-900m-farm-down-of-uganda-assets-to-total\/","url_meta":{"origin":9387,"position":1},"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":9305,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tullow-oil-receives-approval-575-million-asset-sale-to-total\/","url_meta":{"origin":9387,"position":2},"title":"UGANDA: Tullow Oil Receives Approval $575 million Asset Sale to Total","author":"","date":"October 23, 2020","format":false,"excerpt":"Tullow Oil plc has announced that the Government of Uganda and the Ugandan Revenue Authority have executed a binding Tax Agreement that reflects the pre-agreed principles on the tax treatment of the sale of Tullow\u2019s Ugandan assets to Total. Tullow further announces that the Ugandan Minister of Energy and Mineral\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Uganda-oil-blocks.jpg?fit=640%2C568&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Uganda-oil-blocks.jpg?fit=640%2C568&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Uganda-oil-blocks.jpg?fit=640%2C568&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11851,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tullow-oil-receives-contingent-consideration-of-75-million\/","url_meta":{"origin":9387,"position":3},"title":"UGANDA: Tullow Oil Receives Contingent Consideration of $75 million","author":"","date":"February 17, 2022","format":false,"excerpt":"Tullow Oil has announced that the Final Investment Decision for the Tilenga Project in Uganda and the East African Crude Oil Pipeline (EACOP) as reported by Total Energies Ltd on 1 February 2022 has triggered a contingent consideration of $75 million in relation to Tullow\u2019s sale of its assets in\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":3098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-agrees-pay-uganda-government-108-million-end-tax-dispute\/","url_meta":{"origin":9387,"position":4},"title":"Tullow Oil Agrees To Pay Uganda Government $108 million To End Tax Dispute","author":"","date":"June 22, 2015","format":false,"excerpt":"A tax row that has ensued between oil explorer Tullow Oil and the government of Uganda and the Uganda Revenue Authority in regards to two farm downs to China\u2019s CNOOC and Total may be nearing its end after Tullow agreed to pay $250 million in full and final settlement of\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/tullow-uganda.jpg?fit=553%2C369&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/tullow-uganda.jpg?fit=553%2C369&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/tullow-uganda.jpg?fit=553%2C369&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7769,"url":"https:\/\/www.oilnewskenya.com\/index.php\/total-sa-suspends-investment-plans-in-the-east-africa-crude-oil-pipeline\/","url_meta":{"origin":9387,"position":5},"title":"Total SA Suspends Investment Plans in the East Africa Crude Oil Pipeline","author":"","date":"September 6, 2019","format":false,"excerpt":"Total SA has suspended plans to build the 1445 kilometer East Africa Crude Oil pipeline from Hoima (Uganda) to Tanga in Tanzania citing frustrations by the Uganda government in completion of the Tullow Oil deal sources say. The shelving of the $3.5 billion crude export project by the French Giant\u2026","rel":"","context":"In \"East Africa crude oil pipeline\"","block_context":{"text":"East Africa crude oil pipeline","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/east-africa-crude-oil-pipeline\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/EACOP-route.jpg?fit=632%2C563&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/EACOP-route.jpg?fit=632%2C563&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/EACOP-route.jpg?fit=632%2C563&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=9387"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9387\/revisions"}],"predecessor-version":[{"id":9388,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9387\/revisions\/9388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8217"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}