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Tullow inks Uganda PSAs
 Uganda's government has agreed to exploration permits for British-based Tullow Oil to allow new exploration in the Lake Albert Rift Basin region which is thought to contain several billion barrels of oil.
Tullow – with Total and CNOOC - has secured new Production Sharing Agreements covering the EA1 and Kanyawataba licences areas and has also won a third covering the Kingfisher licence area in the Lake Albert Rift Basin.
“Today's signing is a vital step towards the development of the Lake Albert Rift Basin and the oil and gas industry in Uganda and East Africa,” declared Tullow chief executive Aidan Heavey today.
In 2010 Tullow bought the entire equity in Exploration Area (EA)1 and EA 3a, held by Heritage Oil. Tullow then proceeded in March last year to farm down equity in these regions to China's CNOOC and Total so that each company held one third each. That was after Tullow signed a Memorandum of Understanding with the Ugandan government.
Up to 1.1 bn barrels of oil has already been discovered within the Lake Albert Rift Basin, with Tullow estimating there is another 1.4 bn bbls yet to find, on a P50 basis.
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