Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
You are underestimating Total and maybe CNOOC.
If Tullow was a serious risk to the project... well, Total wouldn't have it.
It's Total's initiative the ball started rolling again. And because Tullow is still onboard, Tullow is no risk in the eyes of Total.
Mar 15, 2020
On Monday, the Ugandan environmental monitoring agency (NEMA) announced the approval of an environmental and social impact study (ESIA) submitted by the China National Offshore Oil Corporation (CNOOC) for the Kingfisher block located in the Hoima region. An important step to pave the way for commercial oil production from 2022.
Zhao Shunqiang, head of CNOOC Uganda, described the acquisition of this certificate as an important step towards monetizing the country’s immense oil reserves.
The field located in the Albertine basin should produce between 30,000 and 40,000 barrels per day. Cnooc develops Kingfisher on behalf of its partners, Total and Tullow.
“The Tullow oil bosses came from the UK. They had a closed-door meeting with our ministers and they made promises,” the source who spoke on condition of anonymity said. The development was confirmed by Sarah Opendi, the Minister of State for Mineral Development.
In an interview with New Vision at Parliament, Opendi said that the ministry reached some agreements with Tullow oil, but declined to give details.
According to Opendi, the ministry discussed the sale of Tullow shares to the joint venture partners Total E&P, and China National Offshore Oil Corporation (CNOOC).
She revealed that Tullow promised to finalise the process with joint venture partners in three weeks before the FID is signed. “The Tullow bosses visited the country last week, they promised to conclude their agreements at the end of this month or early April,” Opendi said.
In 2017, Tullow entered into a Sale and Purchase Agreement to farm down 21.5% of the participating interests to Total E&P and China National Offshore Oil Corporation (CNOOC).
From an article dated March 19, titled: 'Tullow Oil UK gives hope for future of Uganda’s oil'
https://www.newvision.co.ug/new_vision/news/1516747/tullow-oil-uk-hope-future-uganda-oil
RBL and the asset imminent (RBL tuesday, asset end of month). And the sp is going totake those at 12p? Interesting.
Talks aimed at concluding a dispute over capital gains tax and fiscal terms were slated to end by the end of this month and will allow companies to conclude the farm-down deal and prepare for the FID scheduled for April, Frank Mugisha told S&P Global Platts.
More:
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/031120-uganda-close-to-deal-with-total-over-terms-of-lake-albert-oil-project
https://www.energymixreport.com/uganda-close-to-deal-with-total-over-oil-project/
https://punchng.com/oil-project-uganda-close-to-deal-with-total/
Anything else besides the above?