Bloomberg News

Tullow Sees First Uganda Oil in 2013, Deal-Signing ‘Shortly’

January 24, 2012

Jan. 24 (Bloomberg) -- Tullow Oil Plc, the London-based explorer with the most licenses in Africa, expects to start production from Uganda next year, said Chief Executive Officer Aidan Heavey.

“First oil will probably be 2013,” he said in an interview in Accra, Ghana’s capital, today. “It will start off quite small with supplies to local power stations, that’s about 2,000 barrels of oil a day.”

Tullow is waiting for government approval of its plan to sell one-third of its stake in Uganda’s Lake Albert oil fields to Total SA and Cnooc Ltd. by the East African nation’s government, Heavey said.

The agreement is expected to be signed “very shortly,” he said. Energy Minister Irene Muloni said Jan. 12 approval of the $2.9 billion sale would come “to an end soon” after unspecified issues were resolved.

Production will rise to 200,000 barrels a day “with pipelines in place,” Heavey said, declining to give further details.

--Editors: Emily Bowers, Paul Richardson

To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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