Through the acquisition of blocks 1 and 3A, which are located in the Lake Albert basin, considered one of the most important onshore African sedimentary basins, Eni expects to contribute to the development of material reserves already discovered and the further exploration potential.
The company said that this effort will require synergy with Uganda’s infrastructure programs, in respect of which it intends to play a role in partnership with the local authorities. Such effort will also require significant financial resources and technical and operational capabilities which are of strategic importance for the economic and social growth of the country.
The assignment is subject to certain conditions precedents, including approval by Heritage’s shareholders consent by the competent authorities of the Republic of Uganda.
Tullow Oil, which holds the remaining 50% interest in blocks 1 and 3A, has 30 days to exercise pre-emption right by accepting all terms and conditions of the agreement without any reservation or condition.
Eni is currently an operator in the main oil-producing countries of Angola, Ghana, Nigeria, Republic of Congo, Gabon and Mozambique. Eni’s operated production in the region amounts to about 450,000 barrels of oil equivalent per day.
