CNOOC Uganda Limited (CNOOC) subsequently exercised its pre-emption rights under the joint operating agreements to acquire 50% of the interests being transferred to Total on the same terms and conditions. An earlier plan to sell a stake in the oil project to Total and Cnooc Ltd. collapsed last year due to a holdup around tax negotiations. Former minister gets PhD, 48 years after first degree. The Group added further equity and operatorship to the licences in the Lake Albert Rift Basin when it acquired Hardman Resources in 2007. A career at Tullow offers new experiences and professional challenges. “The government of Uganda and the Ugandan Revenue Authority have executed a binding tax agreement,” Tullow said Wednesday in a statement. In 2017, as Uganda insisted on building a refinery on top of a crude export pipeline, Tullow Uganda’s parent company, Tullow Oil Plc started experiencing cash problems and decided to sell its entire assets in Uganda, to pay off debts worth more than USD 900 million (4.4 trillion Shillings). Subscribe to our newsletter and stay updated on the latest developments and special offers! Exploration and appraisal activities in three blocks in the Malvinas West Basin. Responsible Operations is a core pillar of our sustainability framework and provides a commitment to safe working, safe processes and effective emergency response. The majority of Tullow’s production comes from the Jubilee and TEN fields in Ghana. VAT number: 769 3613 91. New PSCs approved by the Government of Uganda allowing the completion of the farmdown to CNOOC and Total, March
Have a confidential tip for our reporters? The government’s approval will be “a major relief for the company and is a clear positive,” said Will Hares, global energy analyst for Bloomberg Intelligence. “This is important for Tullow and forms the first step for our programme of portfolio management. Tullow is a well-established and recognised major supplier of oil, operating across Africa and South America. The company recently said it had shelved plans to sell its stake in Kenya. It started in a small town called Tullow, about 35 miles south of Dublin, Ireland. The Board currently comprises a Chair, an Executive Director and five independent non-executive Directors. To sale two-thirds of its interests to the new partners, the government assessed a Capital Gains Tax of USD 472 million (1.76 trillion Shillings) on the transaction valued at USD 2.9 billion (10.8 trillion Shillings). Termination of farm-down agreement with Total and CNOOC. At this same time, Heritage had deposited USD 121 million (451 billion shillings) with URA as part of the tax in dispute but later refused to pay the balance when the ruling was made. Access reports on assessment and management of environmental and social impacts. Tullow expects the transaction to close in the coming days. “The government of Uganda and the Ugandan Revenue Authority have executed a binding tax agreement,” Tullow said yesterday in a statement. Tullow shares were 39% higher at 23 pence as of 11.19 a.m. in London. However, the Tax Appeals Tribunal revised this amount to USD 407 million (1.9 trillion Shillings).