Tullow Oil plc Feb.21 announced the completion of the $2.9bn farm-down of 66.6 percent of its Ugandan licences to China’s CNOOC and France’s Total, a statement from the oil company indicates.
“I am delighted that we have completed this farm-down with CNOOC Limited and Total, two experienced partners with whom we have already built a strong working relationship,” Aidan Heavey, Chief Executive Officer of Tullow, said, “The Lake Albert Rift Basin is one of Africa’s most exciting oil discoveries and I look forward to working with our new Partners and the Government of Uganda in driving this project towards major production.”
The farm-down follows two new Production Sharing Agreements (PSAs) that Tullow signed with the government and also regained the Kingfisher production licence.
“It is currently expected that small-scale oil and gas production for the local power market will commence in 2013 from the Kaiso-Tonya area,” the Tullow statement notes adding that the trio will be discussing development options for the Lake Albert Basin with the government this year.
Following the farm down, Total will operate Exploration Area-1 (EA-1) and Tullow will operate Exploration Area-2 (EA-2). CNOOC will operate the new Kanywataba licence and the Kingfisher production licence both in the former Exploration Area-3A.
The companies are now set to drill the Kanywataba prospect, a series of prospects west of the Nile starting with the Omuka well in EA-1 and further appraisal work in both EA-1 and EA-2 as they embark on a wide-ranging exploration programme in 2012.
The statement adds that major production is anticipated to commence in 2016 after a basin-wide plan of development is approved by the government.
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