Total completed the acquisition of a stake in Uganda Lake Albert project from Tullow for $575m.

Total, a France-based oil and gas company, completed the acquisition of a stake in Uganda Lake Albert project from Tullow, an international oil and gas company, for $575m. “We are pleased to announce that a new agreement has been reached with Tullow to acquire their entire interests in the Lake Albert development project for less than $2/bbl in line with our strategy of acquiring long-term resources at low cost, and that we have an agreement with the Uganda government on the fiscal framework. This acquisition will enable us, together with our partner CNOOC, to now move the project forward toward FID, driving costs down to deliver a robust long-term project,” Patrick Pouyanné, Total Chairman and CEO. October 21, 2020 - Tullow Oil announced that the Government of Uganda and the Ugandan Revenue Authority have executed a binding Tax Agreement that reflects the pre-agreed principles on the tax treatment of the sale of Tullow's Ugandan assets to Total. The Ugandan Minister of Energy and Mineral Development has also approved the transfer of Tullow's interests to Total and the transfer of operatorship for Block 2.