CNOOC invests in Uganda
May 04, 2011 | BY
clpstaff &clp articlesChina National Offshore Oil Corporation (CNOOC), the state-owned oil giant, has acquired a one-third interest from UK's Tullow Oil to explore the areas…
China National Offshore Oil Corporation (CNOOC), the state-owned oil giant, has acquired a one-third interest from UK's Tullow Oil to explore the areas 1,2 and 3A in Uganda. CNOOC entered into US$1.467 billion worth of sale and purchase agreements, the amount payable in cash subject to closing adjustments.
The closing of the transaction is subject to approvals from the relevant authorities in the Republic of Uganda and the PRC.
The exploration areas are located in the Lake Albert Rift Basin in Uganda. It is expected that the basin-wide production rate will eventually exceed 200,000 barrels per day.
Representing CNOOC was a joint Hong Kong, Tokyo and Paris Herbert Smith energy team led by Anna Howell and including David Clinch and Rebecca Major. A London team from Vinson & Elkins also advised in this transaction.
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