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Cnooc, Total Make Final Uganda Proposals
Sunday, March 07, 2010Printer Friendly Version
China's Cnooc and France's Total, Europe's third-largest oil company, made their final proposals to Uganda's government to develop three oil blocks there. A final decision is expected to be made by the government by the end of March. Tullow Oil of the U.K. has nominated Total (TOT) and Cnooc (CEO) as its preferred partners in Uganda.

Tullow is in the process of acquiring stakes in two Lake Albert oil blocks from Heritage Oil. Once that transaction is complete, Tullow will own three oil blocks in the region. The company has been actively searching for international partners to help develop its Uganda assets.

Tullow, Cnooc and Total are now expected to sign sales and purchase agreements, as well as a cooperation agreement, with each other, according to the Wall Street Journal. Those agreements will then be forwarded to Uganda's Ministry of Energy and Minerals Development and other government agencies for final approval.

While Cnooc and Total are rumored to have plans to build a refinery in Uganda, the government is seeking as much as $8 billion over the next decade to bolster its oil industry. Uganda is expected to start oil production in the next couple of years, and production is expected to reach around 150,000 barrels a day by 2015 and could rise to around 350,000 barrels a day by 2015, the Journal reported.

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