Total ’s $575m Uganda asset haul

摘要

French major Total has sealed a deal to acquire UK-based Tullow’s entire equity in Uganda’s Lake Albert development project, including its stake in the East African Crude Oil Pipeline (EACOP). In total, Total will pay Tullow US $575m, with an initial payment of $500m at closing and $75m when the partners make the Final Investment Decision (FID) to launch the project. In addition, conditional payments will be made to Tullow linked to production and oil price, which will be triggered when Brent prices exceed $62/bbl.