Total acquires Tullow's Uganda Lake Albert assets

摘要

Total is to acquire Tullow's entire interests in the Uganda Lake Albert development project,including the proposed East African Crude Oil Pipeline(EACOP),for $575mn.An initial payment of $500mn will be made at closing of the deal,and $75mn when the partners take 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 are above $62/b.