Tullow agreed to sell in March interests in three Ugandan exploration blocks to Total SA (FP) and China National Offshore Oil Corp. for $2.9 billion, allowing the partners to develop the Lake Albert Basin. In Ghana, Tullow and a different group of partners encountered gas condensate in the Tweneboa-4 appraisal well, the London-based company said today in a statement.
“The exploration and appraisal program has been reactivated and two wells are expected to commence drilling in Exploration Area 1 within the next two weeks” in Uganda, Tullow said. “Tweneboa-4 is an important milestone as it is the final well to be drilled in the Tweneboa appraisal program,” Angus McCoss, Tullow exploration director, said in the statement.
Tullow and partners in Uganda plan to deploy five drilling rigs in the second half of the year to explore the fields, which may pump as much as 300,000 barrels a day, according to Total’s forecast. The companies are advancing the project after Tullow agreed to make tax payments to Uganda after about a year of disputes and delays.
Oil production may start later this year or in early 2012, Andy Oliver, head of operations in Uganda, estimated March 30. Tullow will need to settle the final tax bill with the Ugandan government, the company said. Continued
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