Kuwait collection for Petrofac
UK contractor Petrofac has collected a new contract with Kuwait Oil Company for work on new oil and gas pipelines.
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Eni exits Heritage Uganda oil bid
Published 08.02.2010 09:18:34 by John Bradbury
Italy's Eni has called time on its US $1.5 Bn bid to buy out Heritage Oil's stakes in Uganda and cancelled its sale and purchase agreement with Heritage for the sale.Eni's move leave the way open for operator rival bidder and asset operator Tullow to step in and buy out the Heritage Oil assets in blocks 1 and 3a.
Tullow said today that Eni terminated its sale and purchase agreement with Heritage -agreed back on 18 December last year - with immediate effect. And the Eni decision came after Tullow exercised its pre-emption rights over the sale of the 50% equity in blocks which Heritage had put up for sale.
“Eni’s termination should expedite completion of the sale and purchase agreement entered into between Heritage and Tullow on 26 January 2010, which is on the same terms and conditions as the Eni SPA,” Tullow reported today, adding: “Heritage and Tullow are working closely with the Ugandan Government to obtain the formal approval of the sale, which is expected imminently.”
Furthermore Tullow said a formal request to consent to transfer the so called “disposal assets” to Tullow was submitted to the Ugandan government on 2 February, and the transaction is expected to close in the first quarter.
Already the Ugandan government is moving forward towards tapping the discoveries found onshore Uganda in the Lake Albert Basin area with the appointment of Foster Wheeler to carry out a Front End Engineering and Design study for an oil processing plant which can handle up to 150,000 b/d of oil.
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