Total Swoops for Tullow’s Uganda Assets

摘要

Struggling UK-listed independent Tullow Oil has agreed to sell its assets in Uganda to French major Total for $575 million, just days after appointing the former boss of Cairn India, Rahul Dhir, as its new CEO. Total was already a partner to Tullow in the undeveloped Lake Albert oil project and will now see its ownership stake rise to 66.7%, unless the third partner, China's CNOOC, exercises its right to acquire 50% of Tullow's interest.