Total E&P and CNOOC bought Tullow Oil's Uganda interest at USD 900 million (3.4 trillion Shillings), the money that is thought to have paid much of what Tullow had spent in Uganda. The government, however, says that oil companies should not count this money as expenses, which could lower their income tax when Uganda finally starts drilling the hydrocarbons.
Tullow Plc the parent company to Tullow Operations Uganda says the conclusion of the farm-down will contribute 200m to its expected 700 million cash flow by end of the year.
