Chevron sells in Namibia but Tullow delayed again in Uganda
Puma Energy is set to take on Chevron's Namibian assets, but Irish-based Tullow Oil faces more delays in its Ugandan exploration block sale.
The Puma/Chevron deal, for an undisclosed sum, involves the central American midstream and downstream independent taking the shareholding of Chevron Namibia with the exclusion of Chevron's lubes business.
Puma has already shown an ambition for expansion into Africa, with its purchase last year of BP's fuel marketing business in Namibia and other adjacent countries, which led to the launch, in July 2011, of a new Puma Zambia divison.
While Chevron is looking to simplify its global operations and focus on downstream operations, the Puma purchase does not affect Chevron's South Africa, Botswana and Swaziland activities.
Meanwhile the on-off sale of Tullow Oil's Ugandan exploration blocks to Total and CNOOC still remains unresolved. Despite reports in early September that the deal was finally set for completion, after an unrelated legal tax 'row' involving Tullow had apparently been resolved, the sale appears to have stalled again.
The $2.9bn deal, for three exploration blocks in Western Uganda, has now been blocked by a directive from Ugandan President Yoweri Museveni who is concerned that a 'stabilisation' clause within the three-way contract could effect income to Uganda itself if oil prices should rise significantly.
