Tullow oil's agreement with Uganda has hit a rocky patch....
Cmon GLP'ers you know better than this propaganda!!
The recent signing of new oil agreements between Uganda and Tullow has paved the way for the farm-down to partners Total and Chinese company CNOOC, but unresolved issues of infrastructure, oil laws, environment and delays in approval of work permits for the oil firms' expatriates are fuelling uncertainty, and could potentially drive investors away from Uganda.
"A threat is developing that a significant oil find in either Tanzania or Kenya could result in loss of interest in Uganda. Tanzania and Kenya are currently witnessing a surge in exploration activity. The absence of a definitive infrastructural plan for processing or exporting Ugandan oil exacerbates the threat," reads a confidential documents from the industry, which The EastAfrican has obtained.
It states that, due to this threat and the 18-month haggling between Uganda and Tullow over clauses in the new agreements that were signed just over two weeks ago, production timelines are going to be pushed back, with the first significant oil flows expected around 2017, and not the "unrealistic" dates of 2013 and 2015 that were earlier envisaged.
[link to allafrica.com]
And as always a Rothschild employee is brought on board to commence the propaganda camapaign...
Tullow Oil has announced the appointment of Mr Simon Thompson as non-executive Chairman of Tullow with effect from January 1, 2012. Mr Thompson, who joined Tullow as an independent non-executive Director in May,2011, will succeed Mr Pat Plunkett who, after 11 years in the role, announced earlier this year his intention to stand down as Chairman as soon as practicable.
Mr Thompson graduated from University College, Oxford, with a degree in Geology in 1981. After four years in international banking in the Middle East, he spent 10 years in investment banking, working for N M Rothschild and S G Warburg, where his principal focus was providing corporate and project finance advice to companies in the mining and oil and gas sector.
We use essential cookies to make this site work, and optional cookies to enhance your experience.