Tullow, Total, CNOOC to Pump Ugandan Oil From Separate Blocks
Stock Chart for Tullow Oil PLC (TLW)
The oil from the three blocks owned by the partnership will be fed into a single refinery for processing, Elly Karuhanga, the president of Tullow’s Ugandan unit said in an interview yesterday.
“Since we have three blocks each company will be assigned a block from which to produce the oil,” he said without giving details.
Tullow is an equal partner with Total and CNOOC to which it sold shares in its Ugandan interests in March. The company is expected to start pumping crude and gas from the Lake Albert Basin in 2012. Uganda has an estimated 2.5 billion barrels of oil, with about 1 billion barrels in proven reserves, according to Tullow.
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