Total grabs a Ugandan bargain
Major shows that distressed-seller opportunities are out there for buyers with more robust balance sheets
Total will buy the 33pc share of Ugandan oil development assets held by embattled Anglo-Irish producer Tullow Oil, the latter announced on Thursday. And the price is a stark illustration of the potential bargains out there for buyers that can execute during the current challenging conditions. The French firm, which already holds a one-third stake, will pay $575mn for Tullow’s stake, although there may be contingent payments after first oil, should the oil price at that time be above a certain level. The other partner in the Lake Albert project, China’s Cnooc, also has a pre-emption right to take up half of the stake Total has agreed to buy. Bargain price Tullow agreed in January 2017 to sell
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
