Cape Town - Tullow Oil, Europe's top independent oil producer, expects Ugandan approval soon for a planned sale of some of its assets to France's Total and China's CNOOC, a top official said on Wednesday.
Last month Tullow agreed to pay $400m in capital gains tax to the Ugandan government, paving the way for the Africa-focused oil company to renew an oil licence in the east African nation.
"We expect that in the next few weeks we will have final sanction for the farm-in by CNOOC and Total into the licences and the beginning of the new marriage, if you like, a joint venture for the development phase," Tim O'Hanlon, vice president Africa business, told Reuters on the sidelines of an African oil conference.
O'Hanlon said Tullow had been approached to buy back Blocks 1 and 2 on Congo's side of Lake Albert, after a presidential decree in the Democratic Republic of Congo controversially stripped them of their rights in June.
The blocks, which straddle the border with oil-rich Uganda, were handed to companies owned by businessman Khulubuse Zuma, the nephew of President Jacob Zuma.
"They certainly are (looking to sell). As far as I know that is their business plan based on their approaches (not only to) us, but many companies as well," O'Hanlon said.
He said it would be very difficult for Tullow to directly purchase the disputed blocks.
"I think it would be very difficult for Tullow to directly purchase... It would be akin to someone coming over your wall, stealing your car and then asking you to buy it back from them the next day," O'Hanlon added.
Last month Tullow agreed to pay $400m in capital gains tax to the Ugandan government, paving the way for the Africa-focused oil company to renew an oil licence in the east African nation.
"We expect that in the next few weeks we will have final sanction for the farm-in by CNOOC and Total into the licences and the beginning of the new marriage, if you like, a joint venture for the development phase," Tim O'Hanlon, vice president Africa business, told Reuters on the sidelines of an African oil conference.
O'Hanlon said Tullow had been approached to buy back Blocks 1 and 2 on Congo's side of Lake Albert, after a presidential decree in the Democratic Republic of Congo controversially stripped them of their rights in June.
The blocks, which straddle the border with oil-rich Uganda, were handed to companies owned by businessman Khulubuse Zuma, the nephew of President Jacob Zuma.
"They certainly are (looking to sell). As far as I know that is their business plan based on their approaches (not only to) us, but many companies as well," O'Hanlon said.
He said it would be very difficult for Tullow to directly purchase the disputed blocks.
"I think it would be very difficult for Tullow to directly purchase... It would be akin to someone coming over your wall, stealing your car and then asking you to buy it back from them the next day," O'Hanlon added.