China’s biggest offshore energy firm, CNOOC Ltd, is in "final discussions" on cooperating with the UK’s Tullow Oil to develop three oil blocks in Uganda’s Lake Albert Basin, Bloomberg reported. CNOOC spokesman Jiang Yongzhi said the company is "happy" with the Uganda government’s conditional approval for Tullow’s purchase of assets from Heritage Oil. Heritage had originally expected the sale to be finalized in the first quarter but has been delayed due to tax issues. The approval will allow Tullow to sign CNOOC and France’s Total to develop blocks 1, 2 and 3A in Lake Albert. CNOOC aims to increase production by up to 27% this year to help meet growing domestic demand for energy.
You must log in to post a comment.