CNOOC Takes Interests In Three Uganda Exploration Areas

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
1.5BB
Description

Acquired one-third interest in exploration areas 1, 2 and 3A in Uganda.

CNOOC Ltd., Hong Kong, (NYSE: CEO) has acquired interests in three exploration areas in Uganda from Tullow Oil Plc, London, (London: TLW) for approximately US$1.467 billion in cash.

CNOOC has acquired a one-third interest in exploration areas 1, 2 and 3A. The company will now operate the new Kanywataba license in the former EA 3A, and the Kingfisher production license which was converted due to the discovery in the former EA 3A. Tullow and Total S.A. will operate EA 2 and EA 1 respectively.

CNOOC chief executive Li Fanrong says, “We are delighted to see the completion of this important transaction which will not only add value to our shareholders but also bring social welfare to the people of Uganda. CNOOC Ltd. will work closely with our project partners and the government of Uganda to expedite the development program.”