Tullow, Uganda agree licences, farmdown to proceed
03 February 2012, 15:30
Kampala - Tullow Oil
said on Friday it had signed two new production licences with Uganda and
would now proceed with a farmdown deal with Total and CNOOC, which will
pave the way for commercial oil production.
"Tullow Oil Plc (Tullow) is pleased to announce that it has
signed two new production sharing agreements (PSAs) with the government
of Uganda," the company said in a statement given to reporters in
Kampala after meeting the government.
"As a result of this signing, Tullow will now finalise
arrangements with CNOOC and Total for completion of the farmdown and
related transfer of monies as soon as possible."
The Ugandan government confirmed it had signed the production
licence deals and a memorandum of understanding on the farmdown
agreement in a separate statement.
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