Deal insight

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

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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 ...

What's included

This report contains

  • Document

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

    PDF 683.10 KB

Table of contents

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

Tables and charts

This report includes 7 images and tables including:

Images

  • Albertine Graben Basin
  • Wood Mackenzie production forecast (gross)

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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