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OIL FIRMS TEAM UP

ABOVE: Tullow Oil is teaming up with Total and China National Offshore Oil Corporation

11th March 2010

By Daily Star Reporter

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OIL explorer Tullow Oil is teaming up with Total and China National Offshore Oil Corporation to help exploit its fields in Uganda.

Tullow, which reported a better-than-expected 92% fall in net profit to £19million in 2009 due to lower prices and output, is talking to Uganda’s government about bringing in the pair as partners in its Lake Albert oil fields.

The firm is currently due to acquire Heritage Oil’s 50% equity in their jointly owned exploration blocks.

It has also applied to sell stakes in its exploration properties to CNOOC and Total.

Chief executive Aidan Heavey said: “We fully expect 2010 to be another strong year.”

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