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


 - BP Makes Third Gas Discovery In Egypt's North Damietta Concession (Mar 26)
 - Unite Expresses Concern Over Possible Forties Pipeline System Sale (Mar 17)
 - BP Appoints New Heads Of Production, Drilling As Output Set To Jump (Mar 16)
 Company: Exxon Mobil Corporationmore info


 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - Oil Giants Upending Shale Turf Where Wildcat Drillers Once Ruled (Mar 21)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
 Company: Total S.A.more info
 - Total Starts Up Moho Nord Deep Offshore Project (Mar 15)
 - Chevron Commences Oil, Gas Production from Angola Project (Mar 9)
 - Oil Majors Still Years From Repairing Balance Sheets After Price War (Mar 8)
 Company: ENImore info


 - Nigerian Court Overturns Seizure Of Oilfield From Shell And Eni (Mar 17)
 - Zohr to Start Gas Production This Year (Mar 15)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
 Company: Sinopecmore info
 - China's Sinopec Buys First Major African Refinery In Chevron Deal (Mar 22)
 - China's Sinopec Close To Snapping Up Chevron's South African Oil Assets (Mar 17)
 - Aramco's Malaysia Deal Gives Saudis Upper Hand In Fight For Asia Oil Share (Feb 28)
 Company: Tullow Oilmore info
 - Tullow Falls To Third Annual Loss On More Exploration Write-Offs (Feb 8)
 - Tullow Finds Oil in Kenyan Erut-1 Well (Jan 17)
 - Tullow's Founder Heavey to Step Down as CEO (Jan 11)
 Company: CNOOCmore info
 - US Reversal On Transparency Could Sting Canadian, European Oil Companies (Feb 3)
 - China's Oil Majors Set To Lift CAPEX For First Time In Years (Jan 26)
 - China To Tender More Xinjiang Oil, Gas Blocks To Non-State Firms (Jan 23)
 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
Staff Auditor 2
Expertise: Business Analyst|Risk Management
Location: TX
 
Land Specialist Job
Expertise: Landman
Location: Oklahoma City, OK
 
Law Records Coordinator Job
Expertise: Document Control|Legal
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours