Total and CNOOC acquire a stake in Tullow's Ugandan portfolio
CNOOC and Total are strengthening their African portfolios with a combined US$2.9 billion farm-in to Tullow Oil's Ugandan assets. The deal gives both companies a 33.33% interest in onshore blocks 1, 2 and 3A, home to 17 undeveloped oil discoveries, containing one billion barrels of oil. We value the acquired interests at US$2.8 billion (NPV10, under a long-term Brent oil price assumption of US$80/bbl). Furthermore, the realisation of substantial exploration upside has the potential ...