Tullow may finally see its $2.9bn stake sale of Ugandan assets approved within the next seven weeks, according to the country’s oil minister
The London-listed explorer has been waiting since last year for approval to its deal to sell China National Oil Corporation and France’s Total a one-third stake each in the assets.
The partnership which is expected to unlock a $10bn investment developing the oil sector into production phase.
"This week we have asked them to furnish some information in two weeks," Irene Muloni, Ugandan oil minister, told reporters at the India-Africa hydrocarbon summit in New Delhi.
Asked if the farm-down could be approved by the end of January, she said: "Once they provide the information then we should be able to discuss it. It could be earlier than that."
Uganda President Yoweri Museveni last month indicated to parliament he is not likely to delay approval of the tie-up any further, because it would diminish his government's credibility in future negotiations.
Uganda, which is east Africa's third largest economy, discovered commercial deposits of hydrocarbons in its west along the border with the Democratic Republic of Congo in 2006. Production is expected to start early next year.
Tullow says it has found 1.1bn confirmed barrels of oil and believes there are 1.4bn barrels left to find, while a Ugandan energy ministry official says 2.5bn barrels of oil are confirmed in place, of which between 1 to 1.2bn barrels are recoverable.
