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CNOOC acquires 1/3 stake of Uganda oilfields
By Richard Fu |
March 30, 2011, Wednesday
|
Online Edition
Online Edition
CHINA'S largest offshore oil producer, CNOOC Ltd, has agreed to buy exploration interests in Uganda from Tullow Oil Plc for US$1.47 billion to add assets in Africa.
The acquisition of a one-third stake in the exploration areas 1, 2 and 3A in the Lake Albert Rift Basin will make Uganda CNOOC's second major oil fields in Africa after Nigeria, said Li Fanrong, president of Beijing-based CNOOC, in a statement today.
In a separate parallel transaction, French oil giant Total SA also agreed to acquire a one-third stake in the areas from Tullow.
Lake Albert Rift Basin is one of the most important prospective basins in Africa. It is expected to yield 200,000 barrels of oil per day when fully developed, CNOOC said. That's more than 4 percent of China's daily crude imports in 2010.
Hong Kong-listed CNOOC, which posted the fastest production growth in its history last year, expects the transaction to be completed in the first half of this year.
Tullow will retain a one-third interest in the areas. The British oil producer settled a tax dispute with the Ugandan government about two weeks ago, paving the way for the cooperation with CNOOC and Total.
The dispute on capital gains tax arose after Tullow bought interests in the exploration blocks 1 and 3A last year from former partner Heritage Oil.
The acquisition of a one-third stake in the exploration areas 1, 2 and 3A in the Lake Albert Rift Basin will make Uganda CNOOC's second major oil fields in Africa after Nigeria, said Li Fanrong, president of Beijing-based CNOOC, in a statement today.
In a separate parallel transaction, French oil giant Total SA also agreed to acquire a one-third stake in the areas from Tullow.
Lake Albert Rift Basin is one of the most important prospective basins in Africa. It is expected to yield 200,000 barrels of oil per day when fully developed, CNOOC said. That's more than 4 percent of China's daily crude imports in 2010.
Hong Kong-listed CNOOC, which posted the fastest production growth in its history last year, expects the transaction to be completed in the first half of this year.
Tullow will retain a one-third interest in the areas. The British oil producer settled a tax dispute with the Ugandan government about two weeks ago, paving the way for the cooperation with CNOOC and Total.
The dispute on capital gains tax arose after Tullow bought interests in the exploration blocks 1 and 3A last year from former partner Heritage Oil.
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