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Oil agreement in Uganda to move production forward; Tullow, Heritage settle tax dispute

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Posted March 16, 2011 by Ugandan Diaspora News Team in Business ~ 2,211 views

     


KAMPALA, Uganda – Uganda’s government says it has signed an agreement with Tullow Oil PLC that will allow the development of oil and gas resources in the country to move forward.

Minister of Energy Hilary Onek said Tuesday that the agreements will allow Tullow to close a deal with Heritage Oil PLC over a tax dispute.

Onek said that Tullow is to sell two-thirds of its shares in Uganda’s oil fields in the Albertine region to French oil giant Total and China National Offshore Oil Corporation.

An estimated 2.5 billion barrels of oil were discovered in the East African nation in 2006.


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Ugandan Diaspora News Team

Ugandan Diaspora News Online is an independent, non political news portal primarily aimed at serving Ugandans who work and reside outside Uganda. Our aim is to be a one stop shop for everything Ugandan and the celebration of our Ugandan heritage.

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