Tullow Frets Over Uganda Tax Logjam

摘要

Tullow Oil’s first-half results were over-shadowed by events in Uganda, where a tax dispute is stalling progress with a major farm-down of Tullow’s acreage to France’s Total and China National Offshore Operating Co. (CNOOC). Having recently shelled out $1.45 billion to acquire Heritage Oil’s interests in two prolific exploration blocks in the East African country, Tullow’s plans for a subsequent farm-down are agreed in principle, but the Ugandan government is withholding final approval until a $404 million capital gains tax dispute with Heritage is settled.