Total grabs a Ugandan bargain
Major shows that distressed-seller opportunities are out there for buyers with more robust balance sheets
Total will buy the 33pc share of Ugandan oil development assets held by embattled Anglo-Irish producer Tullow Oil, the latter announced on Thursday. And the price is a stark illustration of the potential bargains out there for buyers that can execute during the current challenging conditions. The French firm, which already holds a one-third stake, will pay $575mn for Tullow’s stake, although there may be contingent payments after first oil, should the oil price at that time be above a certain level. The other partner in the Lake Albert project, China’s Cnooc, also has a pre-emption right to take up half of the stake Total has agreed to buy. Bargain price Tullow agreed in January 2017 to sell
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
