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Tullow Oil sells out of Uganda for USD575 million (UGX2.2 trillion) to Total Tullow first sold 66.67 of its stake in Uganda for a humongous USD2.9 billion, in March 2011, remaining with 33.33%. In January 2017, Tullow attempted to sell 21.57% of its remaining 33.33% interest in Exploration Areas 1, 1A, 2 and 3A in Uganda to Total for a total consideration of $900 million, but the deal was dropped after CNOOC Uganda Limited (CNOOC) subsequently exercised its pre-emption rights to the deal and government of Uganda had taxation issues with the deal.
Under the terms of the deal, Total will acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System.