Tullow Sells Share Of Uganda Oil Project For $3B

Law360, New York (March 30, 2011, 1:40 PM EDT) -- Tullow Oil PLC announced Wednesday that it would sell two-thirds of its interest in an oil exploration project in Uganda to France's Total SA and China's state-owned CNOOC Ltd. for more than $2.9 billion in cash.

Total and CNOOC will each pay $1.47 billion for a one-third interest in the three blocks in the Lake Albert region of Uganda, which Tullow estimates has probable reserves of more than 1 billion barrels of oil.

"These agreements have secured the future of oil production in Uganda,” Tullow CEO...
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