Independent oil and gas company, Tullow Oil, will sell stakes in three Ugandan exploration areas, The Wall Street Journal reports. Total and CNOOC will acquire the stakes for about $2.9 billion.
As per the deal, each of the three companies will hold one-third interests in the three areas. The deal will permit Tullow and its partners to get Ugandan government’s approval for a proposed $10 billion program to develop the license areas.
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