Dec. 5 (Bloomberg) -- Uganda’s President Yoweri Museveni today will ask lawmakers from his ruling party to back Tullow Oil Plc’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 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.
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