UPDATE: ExxonMobil Mulls Entry In Tullow Uganda Project -Sources
26 Ottobre 2009 - 6:29PM
Dow Jones News
Exxon Mobil Corp. (XOM) is studying a possible entry in Tullow
Oil PLC's (TLW.LN) Ugandan project, people familiar with the matter
said Monday, as oil majors seek to expand into new African
territories.
The U.S. oil giant is joining France's Total SA (TOT), Eni SpA
(E) of Italy and China state-owned CNOOC Ltd. (CEO) as a potential
partner pre-selected to enter the data-room of the Ugandan oil
project.
Tullow confirmed Friday it had opened the data room to potential
buyers of a stake in its Ugandan oil blocks after agreeing with the
government on a shortlist of possible partners.
A spokesperson for ExxonMobil said it "routinely evaluates
potential development opportunities around the world" but declined
to comment further. Tullow and the Ugandan government declined to
comment on any potential partner.
Apart from oil and gas development, the project entails a
refinery and a pipeline to the Indian Ocean, with costs totaling $5
billion to $6 billion, according to a person familiar with the
project.
Western oil companies have been present for years in Angola and
Nigeria, Africa's largest oil producers, but are now vying with
Chinese state companies to expand in emerging oil nations such as
Ghana and Uganda.
Earlier this month, ExxonMobil bypassed CNOOC by entering a
binding deal to buy Kosmos Energy's stake in the Jubilee field
offshore Ghana. The acquisition is estimated at $4 billion.
However, other foreign oil companies including Total, BP PLC
(BP), CNOOC and Sinopec (SHI), have held talks to join Ghana
National Petroleum Corp. in a competing bid for the stake.
-By Benoit Faucon, Nicholas Bariyo and Elizabeth Adams, Dow
Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com (Will
Connors from the Wall Street Journal in Lagos contributed to this
report.)