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8 Pages

Total and CNOOC acquire a stake in Tullow's Ugandan portfolio


Total and CNOOC acquire a stake in Tullow's Ugandan portfolio

Report summary

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 ...

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  • Total and CNOOC acquire a stake in Tullow's Ugandan portfolio PDF - 683.10 KB 8 Pages, 5 Tables, 2 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • Exploration upside has the potential to transform deal economics
    • Stakeholder alignment could be a complicating factor
  • Strategic rationale
    • CNOOC
    • Total
    • Tullow
  • Oil & gas pricing and assumptions

In this report there are 7 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Albertine Graben Basin
    • Wood Mackenzie production forecast (gross)
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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