French oil-and-gas major Total SA (TOT) Tuesday confirmed the finalization of its farm-in with Tullow Oil PLC (TLW.LN) for an interest of 33.33%, covering EA-1 and EA-2 licenses, the new Kanywabata license and the Kingfisher production license in Uganda's Lake Albert region.
French oil-and-gas major Total SA (TOT) Tuesday confirmed the
finalization of its farm-in with Tullow Oil PLC (TLW.LN) for an interest of
33.33%, covering EA-1 and EA-2 licenses, the new Kanywabata license and the
Kingfisher production license in Uganda's Lake Albert region.
Total said it will be the operator of EA-1, while Tullow will operate EA-2 and
CNOOC Ltd. (CEO) will operate the Kanywataba license and the Kingfisher
production licenses, from the former EA-3A block.
The finalization follows the recent signing of new production sharing
agreements between Tullow and the government of
Uganda
, as
well as the granting of the Kingfisher production license, consolidating the
exploration rights for around $1.5 billion, Total said in a statement.
First priority will be given to the EA-1 license as Total and Tullow plan
"an ambitious" exploration and appraisal program from 2012 onwards,
it also said.
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