Tullow’s $2.9 Billion Ugandan Sale Hits New Delay, Monitor Says
January 23, 2012, 2:44 AM ESTBy Fred Ojambo
Jan. 23 (Bloomberg) -- Tullow Oil Plc declined to sign an agreement to sell some of its oil prospects in Uganda until a “stabilization clause” is agreed, the Daily Monitor reported, citing President Yoweri Museveni.
Tullow wants the clause included in the agreement, which the parties plan to sign by the end of the month, to protect it against “any changes in policy,” the Kampala-based newspaper said.
London-based Tullow said on March 30 last year that it would sell stakes in three oil blocks to Total SA and Cnooc Ltd. for $2.9 billion.
-0- Jan/23/2012 06:59 GMT
To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net
To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net
