Eni will boost its upstream profile in sub- Saharan Africa through a deal worth up to $1.5 billion to buy Canadian Heritage Oil's 50% operating interests in Uganda's prolific exploration Blocks 1 and 3A. The two companies announced a binding letter of intent Monday, the same day Heritage revealed it had ended talks with Turkish Genel Enerji over a $6 billion tie-up in Kurdish northern Iraq. The UK-listed independent said it had decided to end negotiations "in light of the continuing situation in Kurdistan where, in particular, the revenue payment mechanism for oil exports has not yet been established." It said it would continue to look at other "opportunities as and when they arise."
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