Uganda’s Museveni to Seek Backing for Tullow Sale, Monitor Says

Uganda’s President Yoweri Museveni today will ask lawmakers from his ruling party to back Tullow Oil Plc (TLW)’s $2.9 billion sale of its prospects in the East African nation, the Daily Monitor reported.

Museveni will ask parliamentarians to backtrack on a resolution to freeze new oil contracts, the Kampala-based newspaper said, citing people it didn’t identify.

London-based Tullow said on March 30 that it agreed to sell stakes in three oil blocks to Total SA (FP) and China National Offshore Oil Corp., giving each company a third of Exploration Areas 1, 2 and 3A in Uganda’s Lake Albert Basin. Ugandan lawmakers voted in October to halt further oil transactions until new laws governing the industry are implemented.

To contact the reporter on this story: Fred Ojambo in Kampala via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.

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