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CNOOC will not pre-empt Tullow's sale of Uganda assets

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Oilfield Technology,

CNOOC has informed Tullow Oil and Total that it will not exercise its pre-emption rights to acquire 50% of Tullow's assets in Uganda on the same terms and conditions as those agreed between Tullow and Total in April 2020.

Accordingly, there are no changes to the previously announced transaction or timeline and Tullow continues to expect the transaction to complete in the second half of 2020.

The transaction remains subject to a number of conditions, including approval by Tullow’s shareholders, customary government and other approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced. Tullow will now look to progress the tax agreement following CNOOC’s decision not to pre-empt.

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