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Tullow Director Says Uganda Approval is Close

Source: Reuters 2/22/2011, Location: Africa

Tullow Oil is close to signing an agreement with Uganda now that the country's elections have taken place, one of the firm's directors said, paving the way for a $10 billion oil project to begin.

"We're very close to signing off an agreement with the government of Uganda," Tullow's Exploration Director Angus McCoss told an industry conference.

"We're very hopeful for a very swift conclusion after the election...We expect to hear very shortly," he added, when questioned by reporters on the sidelines of the event.

Ugandan President Yoweri Museveni was elected to a fourth term in office by a large margin.

Tullow is waiting for formal approval from Kampala for both its acquisition of stakes in oil fields from a former partner and its subsequent plan to bring in new partners French oil major Total and Chinese group CNOOC.

Uganda has so far given both parts of the deal its blessing but said it wants to find a basis for resolving a tax issue before it gives the final go-ahead.

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