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.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.