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
3 July 2025
The July/August 2025 issue of Petroleum Economist is out now!
2 July 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region
30 June 2025
Government is sending out the right policy signals to support increased domestic gas development, but policy takes time to implement and even longer to yield results
27 June 2025
Gas-on-gas competition pricing has grown its share of consumption significantly over the past two decades, primarily at the expense of oil-price-escalation pricing, according to the IGU
