ExxonMobil Mulls Entry in Tullow's Ugandan Project


Uganda Blocks
(Click to Enlarge)

LONDON (Dow Jones), Oct. 26, 2009

Exxon Mobil Corp. is studying a possible entry in Tullow Oil PLC's Ugandan project, people familiar with the matter said Monday, as oil majors seek to expand into new African territories.

The U.S. oil giant is joining France's Total SA, Eni SpA of Italy and China state-owned CNOOC Ltd. as a potential partner pre-selected to enter the data-room of the Ugandan oil project.

Tullow confirmed Friday it had opened the data room to potential buyers of a stake in its Ugandan oil blocks after agreeing with the government on a shortlist of possible partners.

A spokesperson for ExxonMobil said it "routinely evaluates potential development opportunities around the world" but declined to comment further. Tullow and the Ugandan government declined to comment on any potential partner.

Apart from oil and gas development, the project entails a refinery and a pipeline to the Indian Ocean, with costs totaling $5 billion to $6 billion, according to a person familiar with the project.

Western oil companies have been present for years in Angola and Nigeria, Africa's largest oil producers, but are now vying with Chinese state companies to expand in emerging oil nations such as Ghana and Uganda.

Earlier this month, ExxonMobil bypassed CNOOC by entering a binding deal to buy Kosmos Energy's stake in the Jubilee field offshore Ghana. The acquisition is estimated at $4 billion.

However, other foreign oil companies including Total, BP PLC, CNOOC and Sinopec, have held talks to join Ghana National Petroleum Corp. in a competing bid for the stake.  

Copyright (c) 2009 Dow Jones & Company, Inc.

Related Companies
 Company: BP plcmore info


 - Canada Rules Out Arctic Oil Drilling Extensions for ExxonMobil, BP (Jan 6)
 - Samsung Wins Mad Dog 2 Fabrication Contract (Jan 5)
 - Egypt Signs $220M Of Oil And Gas Deals (Dec 28)
 Company: Exxon Mobil Corporationmore info


 - Petrovietnam, Exxon Mobil Sign Deal On Gas Generation (Jan 13)
 - ExxonMobil Strikes More Oil Offshore Guyana (Jan 12)
 - Tillerson Tells Congress Neither He, Nor Exxon Lobbied Against Sanctions (Jan 11)
 Company: Total S.A.more info
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Total's Uganda Expansion 'Significantly De-risks' Project Sanction (Jan 10)
 - Nigerian Oil Labour Union Suspends Strike At Total's Fuel Depots (Jan 6)
 Company: ENImore info


 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Eni: Oil, Gas Discovery in Norwegian Sea (Jan 17)
 - Oil, Gas Conflicts throughout Africa in 2016 (Jan 4)
 Company: Sinopecmore info
 - China's Sinopec Weighs Takeover Of Gulf Keystone (Dec 13)
 - Sao Tome To Terminate Oil Block With Sinopec-Sonangol Joint Venture (Dec 7)
 - China Oil Output Drops To 6-Year Low As State Giants Shut Fields (Sep 13)
 Company: Tullow Oilmore info
 - Tullow Finds Oil in Kenyan Erut-1 Well (Jan 17)
 - Tullow's Founder Heavey to Step Down as CEO (Jan 11)
 - Total's Uganda Expansion 'Significantly De-risks' Project Sanction (Jan 10)
 Company: CNOOCmore info
 - CNOOC Starts Penglai 19-9 Output (Jan 13)
 - Mexico Oil Auction Succeeds in Drawing World's Biggest Drillers (Dec 6)
 - First Oil Flows from CNOOC's Enping 18-1 Field in Pearl River Mouth Basin (Sep 22)
 Company: Kosmos Energymore info
 - BP Enters Mauritania, Senegal with Kosmos (Dec 19)
 - Tullow Starts TEN Production Offshore Ghana (Aug 18)
 - Oil, Gas Companies Tighten Cash Flow at Expense of Future Growth (Jul 26)
 Company: Ghana National Petroleummore info
 - Tullow Enjoys Strong Oil Production in West Africa (Jul 1)
 - National Petroleum: Ghana Oil Output To Hit Up To 110,000 Bpd In 2014 (Apr 8)
 - Ghana President Names New Head of State Oil Company (Sep 20)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
Project Manager, Oil and Gas
Expertise: Budget / Cost Control|Planner / Scheduler|Project Management
Location: Harvey, LA
 
Case Specialist II Job
Expertise: Business Analyst|Legal|Regulatory Compliance
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $55.86/BBL 0.73%
Light Crude Oil : $52.64/BBL 0.51%
Natural Gas : $3.42/MMBtu 0.00%
Updated in last 24 hours