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  • Data analysis Total Buys 21.57% Stake in Uganda Lake Albert Oil Project

    Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project for $900 million.The purchase consideration of $900 million to be paid by Total to Tullow represents a reimbursement of a portion of past costs,...

    Total Buys 21.57% Stake in Uganda Lake Albert Oil ProjectData analysis
    Global Deals

    Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project for $900 million.

    The purchase consideration of $900 million to be paid by Total to Tullow represents a reimbursement of a portion of past costs, payable in installments along the development of the project, with an initial payment of $100 million at closing.

    Following this transaction, Total will hold a 54.9% interest in the Uganda Lake Albert oil project. Under the terms of the deal, Total will acquire 21.57% out of Tullow’s existing 33.33% stake in all of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A. Total, which is already operator of licenses EA1 and EA1A, will in addition take over operatorship from Tullow of license EA2.  

    View Total press release

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