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
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Exploration upside has the potential to transform deal economics
- Stakeholder alignment could be a complicating factor
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Strategic rationale
- 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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