November 6, 2019 / 10:24 AM / a month ago

Tullow CEO says too early for new investment date on Uganda oil project

CAPE TOWN (Reuters) - It is still too early to give a new timeline on a final green light for investment in Uganda’s first oilfields, Tullow Oil Chief Executive Paul McDade said on Wednesday, reiterating Tullow’s plan to sell down its stake.

“We will not (make an) FID (final investment decision on) the project at the current equity,” McDade told Reuters. “To get the right conditions to sell down more of the project, we need more certainty over the progress towards FID.”

Tullow’s plan to sell another stake in its 230,000 barrel per day project in Uganda to France’s Total and China’s CNOOC, already partners in the fields, was called off in August due to a tax dispute with the Ugandan authorities.

Reporting Libby George, writing by Shadia Nasralla; editing by David Evans

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