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26 September 2017 20:24 (South Africa)

Heritage pips Tullow in Uganda oil deal

In a deal worth around US$1.3bn, UK oil company Heritage is to sell its Ugandan oil fields to Italian energy group Eni. The Italian company has been seeking a larger footprint in the East African country, and Heritage’s willingness to sell the entirety of its stake on the shores of Lake Albert is believed to have won them over. It’s highly likely that the deal has negatively affected UK oil company Tullow, whose assets in Uganda were being aggressively chased by Eni. Both Heritage and Tullow have almost completed their exploration phases in Uganda’s oil fields, and have been seeking bigger and richer buyers to take care of production and development. Read more: Financial Times

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