Heritage Oil company ends its proposed sale of $1.5 billion Uganda oil fields in June 2010.
Heritage’s pull out of Uganda’s oil wells opens door for more oil companies from Europe, America and Asia into Uganda’s oil industry.
Some of the oil companies that are eyeing Uganda oil are Total (France), China National Offshore Oil Corporation and Italy’s and Eni oil company (Italy).
The oil companies that want to buy heritage shares in Uganda must pay
$1.4b up-front and an additional $150m within two years.