Uganda: the end of the tunnel for Tullow Oil?

For the British junior company Tullow Oil, whose plan to sell 21.6% of its shares to its two partners Total and CNOOC in the Lake Albert project has been stalled since January 2017 due to the lack of a tax agreement with Kampala, this could well be the end of a long imbroglio. Quoted on Wednesday 11 March by S&P Global Platts, an official from the Ugandan Ministry of Energy confirmed that the ongoing talks between the Ugandan government, the oil company Tullow and its partners Total and CNOOC were « close to success ». This information has yet to be officially confirmed by the various stakeholders. As a reminder, Tullow discovered the field in 2006 and sold one third of the capital to each of its two partners, Total and CNOOC, in 2012 for nearly $3 billion.