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Exploration and production
Uganda: Eni pounces on Lake Albert oil
UGANDA's undeveloped Lake Albert oil basin could become an Eni province, if the Italian company's bid to buy Heritage's assets succeeds. But, in December, Heritage's partner in the basin, Tullow Oil, was considering mounting a challenge to Eni, with the aim of bringing in new partners on its own terms. Tullow had started the process to bring in another participant for the basin's development – which will involve constructing a pipeline across Uganda and Kenya to the coast (PE 8/09 p12) – in October, but negotiations were overtaken by the late-November announcement that Heritage had agreed the sale of its Ugandan assets to Eni.  Eni agreed to pay $1.35bn plus a contingent $150m for Heritage's 50% interests in Blocks 1 and 3A and was to take over as operator. ...Click here to continue reading Exploration and production
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