Uganda to announce decision on oil deals by April

10th March 2010

Uganda will deliver its decision on UK explorer Tullow Oil’s purchase of Heritage Oil’s assets in the country by April, a top energy official said on Wednesday.

Tullow is in the process of acquiring Heritage’s 50 percent equity in their jointly owned exploration blocks 1 and 3A and has also applied to the government to be allowed to sell stakes in its exploration properties to China’s China National Offshore Oil Corporation, CNOOC and France’s Total.

Tullow said separately it continued to hold talks with the Ugandan government about bringing in partners to its Lake Albert oil fields.

“We have made our evaluation criteria very clear and we expect this evaluation process to end soon and by April we’ll be giving a go ahead,” Energy Ministry’s permanent secretary, Kabagambe Kaliisa, told a news conference.

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