The three licenses cover a total area of close to 10,000 square kilometres.
Tullow has already discovered oil resources of over one billion barrels and Total estimates that the area’s remaining exploration potential is roughly similar.
Upon completion of the acquisition, Total will be an equal partner with Tullow and CNOOC in the blocks, each with a one-third interest and each being operator of one of the blocks.
Total said it will be the operator of Block 1 subject to the decision of the authorities.
According to the company, the development plan being considered consists of installing production facilities around a principal production center in the northern area of the basin and a secondary one in the southern area.
The project also includes an export pipeline to carry the oil to the Indian Ocean to access international markets.
With the Ugandan government, the partners will also study and promote the construction of a domestic refinery that will allow the country to benefit directly from refined products.
