Tullow Oil is to sell its stake in Uganda oil field it is currently developing with France‘s Total and China’s Cnooc Ltd.
We are told by sources in Tullow Oil that the international oil company is to sell its shares in Uganda oil to focus on Kenya oil, because the government there is not dictatorial and it is supportive government.
This is the first time Tullow Oil to disclose that it wants to sell its shares in Uganda’s oil development assets.
Tullow Oil project in Uganda had been delayed for years due to corruption among some Uganda government officials and because the Uganda government is generally not supportive.
Tullow and its partners France‘s Total and China’s Cnooc Ltd wrote an agreement in January 2014 with the Ugandan government on a development plan for the Lake Albert basin oil project. But Tullow now has discovered that Kenya’s oil discovered in 2012 is better than Ugandan oil.