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A Tullow Oil drilling rig in northern Kenya. The firm has sold 21.5 per cent of its stake in four exploration blocks in Uganda. [PHOTO: FILE/STANDARD]
Tullow Oil has sold a substantial stake of its oil fields in Western Uganda to exploration and production arm of French oil firm, Total, for Sh90 billion.
The move gives Total a controlling stake in Uganda’s upstream industry and a major hand in the region’s fledgling oil industry, considering it also plans to finance the Uganda-Tanzania crude oil pipeline.
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