Exploration company Tullow Oil has completed the acquisition of assets in Uganda which were previously 50% owned by Heritage Oil.
Its subsidiary Tullow Uganda has completed the $1.35 billion for a 50% interest in Blocks 1 and 3A. It has paid an additional contractual settlement of $100m.
Tullow now plans deals with oil companies CNOOC and Total to farm down two-thirds of its interests in Blocks 1, 2 and 3A in Uganda's Lake Albert Rift Basin.
'This will result in a unified partnership to accelerate development of the basin and turn Uganda into a significant oil producing nation,' Tullow said.
