Total interested in acquiring Tullow Oil’s stake in Ugandan oil fields

Total plans on purchasing the entirety of Tullow Oil’s stake in their jointly-held Ugandan oil fields for $575M.



"We are pleased to announce that a new agreement has been reached with Tullowfor less than $2 a barrel in line with our strategy of acquiring long-term resources at low cost, and that we have an agreement with the Uganda government on the fiscal framework."
Patrick Pouyanne, CEO of Tullow

The goal of this deal is for Tullow to raise $1B to pay down their estimated $2.8B in debt, helping them achieve a more conservative capital structure. If the acquisition goes through, it will be the first major deal in the oil industry since the recent oil crisis.

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