Timeline for the Tullow/Heritage Oil Debacle

28 08 2010

Here is a link to a useful summary of the ongoing oil saga, and the convolutions of the sale of Heritage’s claim in Uganda to Tullow Oil.  I have found it very useful to have the information collected here in one place:

Imagine a scenario, where a major oil company purchases the assets of another, pays close to 1.5 billion US Dollars for this purchase and only then finds out that their transaction has failed to gain the mandatory regulatory approvals. Impossible you may think but true enough for Tullow Oil of Uganda.

The timeline attached to this article will outline in what sequence events did take place, but meanwhile, government has used its powers to approve, or else decline approvals, to exert pressure over a tax claim made against Heritage stemming from the sale of the assets.

via Breaking News from Uganda’s oil sector « Wolfganghthome’s Blog.

Mark D. Jordahl – Kampala


Uganda to announce decision on oil deals by April

12 03 2010
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.

For the rest of the article, click here