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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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